Los Angeles Overland & Ayres, a 201-unit, best-in-class multi-housing community in California, has received $84 million in construction finance. This was revealed by JLL Capital Markets, which worked on behalf of the borrower a subsidiary of GPI Companies.
In charge of the transaction was JLL Capital’s Executive Managing Director Kevin Mackenzie. Senior Managing Directors Greg Brown and Jeff Sause were also involved. Directors Sam Godfrey and Charlie Vorsheck also took part in the transaction.
“Despite economic hurdles and rising interest rates, we are happy to have been able to acquire this loan. The funds have satisfied our client’s demands. We look forward to seeing this wonderful project come to life,” commented Brown.
Lee Wagman, the managing partner at GPI Companies also commented on this milestone. He said, “With Los Angeles Overland & Ayres, we are replacing a dated parking structure with striking new luxury residences. Additionally, we are providing homes for Angelenos seeking an amenity-rich live/work lifestyle in a key westside location.”
An overview of Los Angeles Overland & Ayres
The project is situated at 2455 Overland Ave. in a wealthy area of West Los Angeles. This is one of the most sought-after submarkets in the nation, just a few steps from the City’s newest cutting-edge office campus.
The development features 56 studios, 97 one-bedroom units, and 39 two-bedroom units. Additionally, 9 townhomes with frontage on Ayres Avenue will be included in its 100% market-rate unit mix.
Additionally, Los Angeles Overland & Ayres features a state-of-the-art fitness center with outside areas such as a podium pool deck and outdoor exercise grass. Moreover, it will include nearly 6,200 square feet of commercial space.
Furthermore, the community is close to several sources of amusement and employment. Homeowners will benefit from easy access to the Metro Expo Line, and Interstates 405 and 10. These are all within half a mile.