**JLL Secures $20M Refinance Loan for Condo Conversion in Koreatown**
JLL Capital Markets has secured a $20 million refinancing deal for “The Secret at K-Town,” a 39-unit, Class A multifamily property located in the Koreatown neighborhood of Los Angeles. The refinancing will support the property’s transition from luxury rentals to for-sale condominiums.
The loan, which features a floating rate structure, was arranged with a private lender. JLL’s Senior Director Chris Collins, Director Brad Vansant, and Analyst Emily Pohlman represented the borrower, Jannone Development, in the transaction.
Located at 3050 W 11th Street, the 46,574-square-foot property was completed in 2024. It includes a mix of one-, two-, and three-bedroom units featuring upscale amenities such as kitchen islands, pantries, balconies, and in-unit laundry. While the project was initially designed as a condominium development, it was converted to multifamily rentals during construction. With the new refinancing, ownership intends to return to the original plan of offering the units for sale.
“This financing allows the sponsor to execute their business plan of converting these luxury apartments back to their original intended purpose as condominiums,” said Collins. “The property’s exceptional location and high-end finishes make it perfectly positioned to meet the growing demand for ownership opportunities in this dynamic neighborhood.”
