JLL Capital Markets announced that it has secured $182 million in construction financing and joint venture equity to capitalize the development of Hillcrest Apartments, a 333-unit multifamily development located directly across from Amgen’s headquarters in Thousand Oaks, California.
JLL represented the borrower, The Latigo Group, in arranging the $182 million in financing from Bank OZK, Affinius Capital and Peakhill Equity Partners, which includes a $117.2 million senior loan from Bank OZK.
The Project will offer future residents top-of-market amenities including a rooftop terrace with expansive views, an upscale swimming pool and robust fitness center, as well as co-working spaces, a multisport simulator, a podcasting studio, a wellness center with a sauna, cold plunge, a private yoga studio and on-site restaurants and retail.
Hillcrest Apartments is located at 2150 West Hillcrest Drive, one of the strongest rental submarkets in Southern California. The Project will benefit from its strategic position directly off US-101 and across from Amgen’s headquarters. The area boasts an average household income of $164,000 and median home prices exceeding $1,050,000, positioning Hillcrest Apartments to offer residents a substantial discount to home ownership.
JLL Capital Market’s Advisory team was led by Managing Director Bercut Smith and Senior Director Matt Benson.
“Despite there being limited capital flows to development projects right now, the market for senior financing and subordinate financing is very liquid and select projects can garner interest from joint venture equity providers,” said Smith. “We are excited to have played a role in helping the Latigo Group successfully capitalize their second Project in the City of Thousand Oaks and become the first developer in the city to complete multiple multifamily assets with at least 100 units in more than two decades.”
JLL Capital Markets Group is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
