JLL Capital Markets secures $24M of financing for ELEVEN FIFTY WILSHIRE
JLL advised PacTen Partners in securing $24M of joint-venture equity for a 13-story, 140-unit Class A condominium development in Los Angeles
Los Angeles, July 16, 2019–JLL announces today that it advised PacTen Partners in securing approximately $24 million of joint-venture equity for the development of ELEVEN FIFTY WILSHIRE in Los Angeles. ELEVEN FIFTY is a 13-story, 140-unit Class A residential condominium community located in the City Center West submarket of Downtown Los Angeles. PacTen Partners secured the joint-venture equity from an overseas capital source with recently established offices in the Los Angeles area.
“ELEVEN FIFTY is a truly transformative transit-oriented development in a submarket experiencing rapid growth. The value proposition of the project will offer attractively priced permanent housing solutions to residents seeking an easy commute to their employer, and providing immediate access to numerous dining, entertainment and other retail services,” stated Zane Sweet, Senior Vice President, JLL. “The opportunity to invest in a residential development of this scale along Wilshire Boulevard in Downtown Los Angeles provided the investor a high-visibility project in the Southern California market.”
The JLL Capital Markets team of Zane Sweet, Reid McGlamery and Chris Casey represented PacTen Partners in the deal. Construction is expected to begin in the third quarter of 2019 with completion scheduled for the second quarter of 2022.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About PacTen Partners
Founded in 1997 and based in Los Angeles, California, PacTen Partners, LLC is a real estate development company that has been active in office, industrial, retail, apartment and land development throughout Southern California for over twenty years.