Lincoln Property Company, McCourt Partners Land $132.7M Bank OZK Loan for ElevenOneEleven in Culver City

LOS ANGELES — Lincoln Property Company and McCourt Partners have secured $132.7 million in construction financing from Bank OZK for ElevenOneEleven, a mixed-use development planned for Culver City, the firms announced Oct. 14, 2026. Berkadia arranged the financing on behalf of the sponsors.

Located at 11111 Jefferson Boulevard, ElevenOneEleven will transform an underutilized 3.43-acre parcel into a six-story project with 344 residences, including 52 affordable units, along with 2,000 square feet of retail and 17,520 square feet of publicly accessible outdoor space. Construction is anticipated to begin in the fourth quarter of 2026.

ElevenOneEleven Project Details in Culver City

The development will sit at the intersection of Jefferson and Sepulveda Boulevards. The 3.43-acre site, approximately 149,411 square feet, is near Downtown Culver City, Playa Vista, Marina del Rey and Venice. It has direct access to Interstate 405 and State Route 90 and connections to Interstate 10 and Interstate 105.

Upon completion, ElevenOneEleven will feature two full floors of residential amenities and 500 parking spaces. The 52 affordable units represent roughly 15% of the 344-unit residential program. The loan equates to approximately $386,000 per apartment unit.

KFA Architecture is designing the project, and Kimley-Horn is serving as civil engineer.

Lincoln Property Company and McCourt Partners Comment

"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 Property Company. "McCourt has been an exceptional development partner throughout the process, and our collaboration reflects a shared conviction in the project and what it will bring to the Culver City community."

Jordan Lang, president at McCourt Partners, said: "ElevenOneEleven represents a defining opportunity for Culver City, reimagining one of its most prominent intersections as a vibrant destination with a distinct sense of place. By bringing together thoughtfully designed residences and public spaces, the project will strengthen connections across the community, and create enduring value for Culver City."

Berkadia Arranges Bank OZK Construction Loan

Senior Managing Director Lou Friedel and Managing Director Keith Rosso of Berkadia Los Angeles arranged the financing on behalf of Lincoln Property Company and McCourt Partners.

"Securing construction financing in today's environment speaks to the strength of the sponsorship and the fundamentals behind this project," Friedel said. "Los Angeles County continues to add new apartment supply at a relatively measured pace, while demand is projected to outpace deliveries. Culver City is particularly well positioned, with a deep employment base, strong connectivity, and immediate access to the Westside."

Aram Zakian, managing director of originations at Bank OZK, said: "We are excited to provide construction financing for a development of this caliber. Lincoln and McCourt have distinguished track records of delivering high-quality developments and we are pleased to support their vision for ElevenOneEleven."

Bank OZK's Real Estate Specialties Group provides senior secured construction financing across property types including mixed-use, multifamily, condominiums, office, hospitality, life sciences, industrial, cold storage, self-storage and retail. The group originated approximately $38.75 billion in new loans during the five years ended June 30, 2026.

Los Angeles Multifamily Market Context

The financing comes as Los Angeles multifamily demand is broadly keeping pace with new deliveries, though elevated construction activity is limiting rent growth. Northmarq reported approximately 3,200 units of net absorption in greater Los Angeles in the first half of 2026, slightly exceeding roughly 3,000 deliveries in the same period. Class A asking rents rose 0.4% in the second quarter to $3.66 per square foot.

Other market readings show a more competitive leasing environment. Matthews reported second-quarter 2026 Los Angeles vacancy of 4.52%, up 38 basis points year over year, while effective rent increased 0.8% to $2,887 and trailing-12-month completions reached 9,105 units. Lee & Associates measured regional vacancy at 5.67% and said more than 18,000 units remained under construction.

Matthews said occupied inventory in Los Angeles reached approximately 1.12 million units, the largest occupied multifamily base in the country, and forecast vacancy to moderate to 4.4% by year-end as the current pipeline is absorbed. In its first-quarter report, Matthews found that approximately 2,300 units were delivered against 1,100 units of absorption, with vacancy reaching 5.6% and rent growth flat for the quarter.

About the Sponsors and Lender

Lincoln Property Company is a global, full-service real estate firm with a combined management and leasing portfolio on behalf of institutional clients that includes more than 720 million square feet of commercial space. McCourt Partners is a family-owned real estate development, investment and management company with more than $1 billion in permanent capital and a portfolio spanning over 38 million square feet across office, hotel, residential and mixed-use assets. Bank OZK trades on the Nasdaq under the ticker OZK.

Sources

• Lincoln Property Company press release: https://lpc.com/press-releases/lincoln-property-company-and-mccourt-partners-secure-financing-from-bank-ozk-for-elevenoneeleven/