News release

JLL completes acquisition financing of ultra-luxury Downtown Los Angeles multi-housing tower

JLL Capital Markets arranged the 55% LTV acquisition financing of THEA, a 685-unit, Los Angeles trophy asset, marking the largest single-asset multi-housing trade in CA history

November 21, 2022

Jenna Sharp

Capital Markets PR
+1 214 438 6450

LOS ANGELES, Nov. 22, 2022 – JLL Capital Markets announced today that it has arranged the acquisition financing for THEA at Metropolis, a 685-unit, ultra-luxury, high-rise multi-housing community located in Downtown Los Angeles.

JLL worked on behalf of the new owner to secure a 55% loan-to-value, fixed-rate agency loan. The transaction included an interest rate buy-down feature and flexible prepayment terms. JLL was also involved in the sale of the property, which is the largest, single-asset outright multi-housing sale in California history as well as the largest, single-asset high-rise deal outside of New York.

Built in 2020, THEA offers studio, one-, two-, three- and four-bedroom units with an average size of 1,038 square feet. Originally built as condominiums, the property features a comprehensive amenity package, including a rooftop deck with an outdoor kitchen, theater and game rooms, a professional fitness center, a sky lounge with an additional chef’s kitchen and a 1.5-acre podium deck that includes a dog park, additional barbecue areas and a resort-inspired pool and spa.

THEA is part of the broader, 6.3-acre Metropolis Los Angeles development, which consists of two condominium towers, THEA and Hotel Indigo DTLA with approximately 67,399 total square feet of retail. The property benefits from an exceptional location within the downtown CBD and offers residents immediate access to the largest employment hub on the West Coast. Additionally, THEA is situated half a mile away from L.A. Live, the 5.6-million-square-foot sports and entertainment complex.

JLL’s Capital Markets Debt Advisory team was led by Managing Directors Brandon Smith and Annie Rice. JLL’s Capital Markets Investment Sales Advisory team was led by Managing Director Peter Yorck, Senior Managing Director John Strauss and Director Nick Lavin.

“The loan for THEA is an example of what we are broadly seeing across the debt market. Despite the current market volatility, lenders are still providing competitive quotes on quality real estate with top tier borrowers,” said Smith.

This acquisition of THEA is indicative of broader market trends on the West Coast, including the competition between private capital and traditional institutions/private equity on large assets, the resurgence of Downtown Los Angeles after its market performance during COVID and the return of investors to high-quality and well-located real estate in gateway markets. The resurgence in the Los Angeles market is further demonstrated by the multi-housing sales volume in the Los Angeles market, according to JLL Research, with $7.0 billion in sales YTD for 2022 and $1.7 billion in sales in Q3 2022 alone.

JLL’s 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 investment and sales 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.

For more news, videos, and research resources on JLL, please visit our newsroom.

Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit