Updated Jun 25, 2025
George Gleason Of Bank OZK Provides $117M Loan To The Latigo Group For Hillcrest Apartments Development
2150 West Hillcrest Drive
$117,000,000
Units
333
Asset Type
Development Site
Closing
Jun 24, 2025
About this deal
AI
The asset involved in this transaction is a development site located at 2150 West Hillcrest Drive in Thousand Oaks. The site is designated for the development of Hillcrest Apartments, which will comprise 333 units. The loan amount secured for this project is $117,000,000 provided as a senior loan by Bank OZK.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $117,000,000
- Lender: George Gleason - Bank OZK
- Landlord: Mark Maron & Scott Whittaker - The Latigo Group
- Brokers: Bercut Smith & Matt Benson - JLL
This transaction is part of a larger financial arrangement totaling $182,000,000 capital stack organized by JLL, showcasing the collaborative efforts of the involved parties in securing funding for the development project.
On the Map
$117,000,000
Development Site
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Players
Newbury Park Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93