Lincoln Property Company, McCourt Partners Secure $133M Loan for 344-Unit Culver City Project

• $132.7 million construction loan: Bank OZK is financing ElevenOneEleven, a major mixed-use development led by Lincoln Property Company and McCourt Partners.
• 344 apartments planned: The six-story project will include 52 affordable units on a 3.43-acre site.
• Retail and open space: Plans call for 2,000 square feet of retail and 17,520 square feet of publicly accessible outdoor space.
• Project address: 11111 Jefferson Boulevard, Culver City, California.

What Are Lincoln and McCourt Building in Culver City?

ElevenOneEleven is moving closer to construction after Lincoln Property Company and McCourt Partners secured $132.7 million in financing from Bank OZK. Located near the intersection of Jefferson and Sepulveda boulevards, the six-story development will replace an underutilized property with a mixed-use residential community. Designed by KFA Architecture, the project will deliver 344 apartments, including 52 affordable homes, alongside retail space and landscaped public areas. Construction is expected to begin in the fourth quarter of 2026. The financing marks a significant step for the development team, converting an approved project into one with dedicated construction capital.

What Does the $132.7 Million Loan Mean for the Project?

The construction loan provides funding for the next phase of development. Berkadia arranged the financing, with Louis Friedel and Keith Rosso leading the assignment. The project has evolved considerably from earlier plans. A 2025 revision increased the proposed residential count from 230 to 344 units while reducing commercial space from approximately 66,500 square feet to 2,000 square feet. That shift places housing at the center of the property's investment strategy. For multifamily investors, the change illustrates how developers can reposition approved projects to increase residential density and respond to demand for housing in established Los Angeles-area markets. The total development cost has not been confirmed in the latest financing announcement, so the $132.7 million loan should not be mistaken for the project's full construction budget.

What Amenities and Features Will ElevenOneEleven Offer?

The development will combine residential units with shared amenities, parking, and publicly accessible outdoor areas. Planned features include 500 parking spaces, two floors dedicated to residential amenities, and 17,520 square feet of outdoor space. Retail frontage and landscaped gathering areas are intended to create a more pedestrian-friendly setting along the prominent intersection. The 52 affordable apartments also give the project a mixed-income component, while the larger market-rate inventory provides the principal residential base. For landlords and developers, the project demonstrates the challenge of balancing affordable housing commitments, parking requirements, open space, and revenue-producing apartments within a single infill development.

What Does the Project Mean for Culver City's Housing Pipeline?

ElevenOneEleven adds 344 planned homes to Culver City's development pipeline and reflects a broader shift toward housing-focused projects on underused urban sites. Its revised plans prioritize apartments over the substantial office and commercial component included in earlier proposals. The project also underscores the importance of construction financing in today's development market. Securing a major loan from an active commercial real estate lender can help established sponsors move approved projects toward execution, although construction costs, leasing demand, and delivery schedules remain important risks to monitor. With construction targeted for late 2026, ElevenOneEleven is positioned to become a substantial new residential addition to Culver City.