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**Thousand Oaks Multifamily Development Secures $182M in Financing**
JLL Capital Markets has successfully arranged $182 million in construction financing and joint venture equity for the Hillcrest Apartments, a major 333-unit multifamily development planned across from Amgen’s headquarters in Thousand Oaks, California.
The Latigo Group, the project’s developer, was represented by JLL’s Managing Director Bercut Smith and Senior Director Matt Benson. The financing package includes a $117.2 million senior loan provided by Bank OZK, with additional capital from Affinius Capital and Peakhill Equity Partners.
Located at 2150 W. Hillcrest Drive, Hillcrest Apartments will rise in one of Southern California’s strongest rental submarkets. The development benefits from immediate access to US-101 and is positioned to offer a significantly more affordable alternative to homeownership in a neighborhood where median home prices surpass $1,050,000.
“Despite limited capital flows to development projects currently, the market for senior and subordinate financing remains very liquid,” noted Smith. “Select projects with the right fundamentals continue to attract interest from joint venture equity partners.”
Hillcrest Apartments is poised to meet the growing demand for high-quality rental housing in the region, driven by its prime location and relative affordability compared to home ownership options.
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