Lincoln Property Company and McCourt Partners have secured $132.7 million in construction financing from Bank OZK for ElevenOneEleven, a planned mixed-use development in Culver City, California.
The developers announced the financing for the project at 11111 Jefferson Boulevard, where they plan to transform an underutilized 3.43-acre parcel into a six-story development comprising 344 residences, including 52 affordable units.
The project will also include 2,000 square feet of retail space and 17,520 square feet of publicly accessible outdoor space. Construction is anticipated to begin in the fourth quarter of 2026.
ElevenOneEleven is planned for the intersection of Jefferson and Sepulveda boulevards, near Downtown Culver City, Playa Vista, Marina del Rey and Venice. The site has access to Interstate 405 and State Route 90, with connections to Interstates 10 and 105.
Plans call for two full floors of residential amenities and 500 parking spaces. The announcement does not disclose the project’s total development cost or specify how the $132.7 million in construction financing relates to the overall capital budget.
“This financing marks a critical milestone for ElevenOneEleven, providing the capital needed to move into the next phase of bringing our vision for this project to life,” said Stephen Lindgren, senior vice president and Los Angeles market lead at Lincoln.
McCourt Partners President Jordan Lang said the project would reimagine a prominent Culver City intersection through a combination of residences and public spaces.
“By bringing together thoughtfully designed residences and public spaces, the project will strengthen connections across the community, and create enduring value for Culver City,” Lang said.
Berkadia Arranges Construction Financing
Senior Managing Director Lou Friedel and Managing Director Keith Rosso of Berkadia’s Los Angeles office arranged the financing on behalf of Lincoln and McCourt.
Friedel pointed to the project’s location, employment base and transportation connections as factors supporting its prospects. He also said demand for apartments in Los Angeles County was projected to outpace new deliveries, although the announcement did not provide figures for the projected supply-demand gap.
Bank OZK is providing the construction financing. Aram Zakian, the bank’s managing director of originations, said the lender was pleased to support the project, citing the developers’ track records.
KFA Architecture is designing ElevenOneEleven, with Kimley-Horn serving as civil engineer. Construction is anticipated to commence in the fourth quarter of 2026.
Affordable Housing Within a Mixed-Use Development
ElevenOneEleven will include 52 affordable residences within its planned 344-unit development. The announcement does not specify the income eligibility criteria, affordability restrictions or mechanism through which those units will be delivered.
The project combines residential development with retail and publicly accessible outdoor space. Its planned mix of uses distinguishes it from developments focused exclusively on housing.
In Seattle, for example, the Mount Baker Redevelopment and Rainier Rising Early Learning Campus bring affordable housing together with early childhood education, childcare and community facilities. The two projects have different scopes, but both incorporate affordable housing into wider development plans.
ElevenOneEleven Project Factsheet
- Project: ElevenOneEleven
- Location: 11111 Jefferson Boulevard, Culver City, California
- Developers: Lincoln Property Company and McCourt Partners
- Construction financing: $132.7 million
- Lender: Bank OZK
- Site area: 3.43 acres
- Building height: Six stories
- Planned residences: 344
- Affordable residences: 52
- Retail space: 2,000 square feet
- Publicly accessible outdoor space: 17,520 square feet
- Parking: 500 spaces
- Architect: KFA Architecture
- Civil engineer: Kimley-Horn
- Financing arranger: Berkadia
- Anticipated construction start: Fourth quarter of 2026
- Total development cost: Not disclosed
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