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News release


Trumark Urban Secures Financing for Tower in Downtown Los Angeles

JLL secures $77 million construction loan

SAN FRANCISCO, Jan. 20, 2015 – The Downtown Los Angeles skyline will soon see its first condominium tower in more than seven years.  On behalf of Trumark Urban, JLL’s Capital Markets experts today announced the firm has secured a $77 million in construction financing for 1050 S. Grand, a planned 22-story condominium in Downtown Los Angeles.  The non-recourse construction financing was provided by PCCP, LLC.  Once completed, the property will bring 151 luxury condominiums to the market. JLL also secured joint venture equity for the development.

Managing Directors John Manning and Chris Casey, Executive Vice President Reid McGlamery and Senior Vice President Alex Witt led the JLL team on the transaction; Gregg Nelson and Arden Hearing directed Trumark Urban; Partner Jed Lassere and Senior Vice President Ron Bonneau led the PCCP team on the transaction.

“There is a huge demand for multifamily product, especially condominiums, in Los Angeles and 1050 S. Grand is currently the only condominium development ready to begin construction,” said Manning. “Trumark Urban has an extensive and impressive track record developing urban residential properties, most notably in San Francisco, with the vision to bring a contemporary, modern property to LA.”

Added Nelson, “Los Angeles’ fundamentals made the market a prime location for our next condominium development. In particular, the renaissance of Downtown LA is attracting investors and residents alike all drawn to the  entertainment, dining and retail options surrounded by a large employment center.”

The tower will also feature seven levels of parking and 5,672 square feet of ground floor retail space. This transaction represents JLL’s fourth major closing on behalf of Trumark, totaling $460 million of placed capital during the past two years.

JLL Capital Markets 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 a sale, financing, repositioning, advisory or recapitalization execution. In 2013 alone, JLL Capital Markets completed $99 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.

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About The Trumark Group of Companies
The Trumark Group of Companies is a diversified real estate developer and builder with expertise in land acquisition, homebuilding, community design, entitlements and office, R&D and retail development. Trumark has raised more than $460 million of equity and funded 24 deals since the depth of the recession in 2009.

Trumark Urban develops condos in core urban neighborhoods close to jobs, transit and local businesses. Founded in San Francisco in 2011, the new division has expanded into Los Angeles and now has 9 high-density condominium communities in process with plans in the works for more than 1,000 units for a total projected revenue in excess of $1 billion.

Trumark Homes is a new generation homebuilder that is nimble, focused and unburdened by broken projects of the past. Its pipeline exceeds 4,400 lots in core in-fill areas of California, representing more than $2.8 billion in future revenue.

Trumark Commercial, which builds, leases and sells commercial buildings, has entitled or developed approximately two million square feet of office, R&D, retail and hotel properties in the northern portion of the Golden State.

About PCCP
PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments.  PCCP has approximately $6 billion in assets under management on behalf of institutional investors.  With offices in New York, San Francisco and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements.  PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns.  Since its inception in 1998, PCCP has successfully raised, invested and managed approximately $10 billion of institutional capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures.  PCCP continues to seek investment opportunities with proven operators seeking fast and reliable capital. Learn more about PCCP at

About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.0 billion and gross revenue of $4.5 billion, JLL has more than 200 corporate offices, operates in 75 countries and has a global workforce of approximately 53,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.0 billion square feet, or 280.0 million square meters, and completed $99.0 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $53.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit​