Lincoln Property Company and McCourt Partners have obtained $132.7 million in construction financing from Bank OZK for ElevenOneEleven, a planned mixed-use project in Culver City. The loan supports the next phase of development for the project, with Berkadia Los Angeles arranging the financing on behalf of the sponsorship. Senior managing director Lou Friedel and managing director Keith Rosso led the Berkadia team on the assignment.
ElevenOneEleven is planned for 11111 Jefferson Blvd. and is designed as a mixed-use residential and retail community. The development program calls for 344 residential units, including 52 designated as affordable housing. In addition to the residential component, the project will include 2,000 square feet of ground-floor retail space intended to serve residents and the surrounding neighborhood.
The plan also incorporates 17,520 square feet of publicly accessible outdoor space. While specific design details were not disclosed, the outdoor areas are described as a publicly accessible feature, indicating a programmed open-space element that extends the project beyond a purely private residential development. The combination of housing, retail, and public open space positions ElevenOneEleven as a mixed-use community node within Culver City.
Commenting on the financing, Stephen Lindgren, senior vice president and Los Angeles market lead at Lincoln Property Company, described the construction loan as a critical step that enables the project to move into its next phase. He highlighted McCourt Partners’ role as a development partner and underscored that the collaboration reflects a shared commitment to the project and its anticipated contribution to the Culver City community. Specific loan terms, including rate, maturity, and structure beyond its characterization as construction financing, were not disclosed.
The capital stack details beyond Bank OZK’s construction loan were not provided, and no additional equity or mezzanine financing partners were identified in the announcement. The timeline for completion, lease-up expectations, and anticipated retail tenancy have not yet been released. However, the secured construction financing confirms that the sponsors have advanced the project to a point where vertical development can proceed, supported by a bank lender active in construction lending for mixed-use and multifamily projects.
