CULVER CITY, Calif. — A 344-unit mixed-use project on Culver City's Jefferson Boulevard has its construction money. Lincoln Property Company and McCourt Partners announced Oct. 14 that they closed a $132.7 million construction loan from Bank OZK for ElevenOneEleven, at 11111 Jefferson Blvd.
Construction is expected to begin in the fourth quarter of 2026, according to the developers.
The project
ElevenOneEleven will be a six-story building on a 3.43-acre site at Jefferson and Sepulveda boulevards. Plans call for:
- 344 apartments, including 52 affordable units
- About 2,000 square feet of ground-floor retail
- More than 17,500 square feet of publicly accessible outdoor space
- Two full floors of resident amenities
- 500 parking spaces
KFA Architecture of Los Angeles designed the project, and Kimley-Horn is the civil engineer. The developers have not named a general contractor.
Bank OZK made the loan through its Real Estate Specialties Group. Lou Friedel and Keith Rosso of Berkadia's Los Angeles office arranged the financing.
What they said
Stephen Lindgren, Lincoln's Los Angeles market lead, called the financing "a critical milestone for ElevenOneEleven." He also praised McCourt as a development partner.
Jordan Lang, president of McCourt Partners, described the project as "a defining opportunity for Culver City."
Friedel said Culver City is well positioned, with "a deep employment base." He also noted that Los Angeles County has been adding new apartments at a fairly measured pace. Aram Zakian of Bank OZK said the bank was excited to finance a development of this caliber.
From shopping center to apartments
Analysis: ElevenOneEleven started as a very different project.
The city's final environmental impact report for 11111 Jefferson Blvd., filed with the state in August 2021, described a five-story building with 230 apartments, 19 of them set aside for very low-income households. It also included more than 55,000 square feet of commercial space: a 38,600-square-foot market, about 10,600 square feet of restaurants, a gym and 11,450 square feet of second-floor offices. That plan called for 653 parking spaces.
The site held three single-story commercial buildings, surface parking and a lot serving the neighboring Exceptional Children's Foundation.
In July 2025, Culver City approved a revised plan that added 114 units, bringing the total to 344, and cut the commercial space, The Registry reported. The version now being financed keeps only about 2,000 square feet of retail.
Here's how the plan changed:
2021 plan | 2026 plan | |
|---|---|---|
Apartments | 230 | 344 |
Affordable units | 19 | 52 |
Stories | 5 | 6 |
Commercial space | About 66,500 sq ft (retail and office) | About 2,000 sq ft |
Parking | 653 | 500 |
The shift follows a pattern across Southern California. Big-box retail and suburban office space have been harder to finance, while apartments near major job centers still attract lenders. A 38,600-square-foot market is a hard sell for a new building. Another 114 apartments are easier to underwrite.
The change also cuts parking by about 150 spaces, which can lower costs, since structured and underground parking is often among the most expensive parts of a building.
Why it matters for contractors
A $132.7 million construction loan on a six-story, 344-unit building means a large, multi-year job on the Westside. Projects this size usually need structural, concrete, framing, MEP, drywall, roofing, glazing and finish trades, plus sitework to clear the existing buildings and parking.
The general contractor hasn't been announced. Subcontractors interested in bidding should watch for that announcement and for Culver City permit filings at 11111 Jefferson Blvd.
What's next
The developers expect to start construction this quarter. They have not announced a completion date or the income levels for the 52 affordable units.