Thorofare Capital Inc., an affiliate of alternative investment manager Thorofare LLC has provided $34.1 million in financing to a joint venture between Chicago-based The John Buck Company (JBC) and Los Angeles-based 3MR Capital for the development of 11111 Jefferson, a 3.4-acre redevelopment site in Culver City, California. The pre-development acquisition financing paves the way for construction to commence in 2022 on a roughly $210-million mixed-use development that is The John Buck Company’s first project in Los Angeles.
11111 Jefferson Blvd. is fully entitled and approved for a five-story building with up to 230 units of multifamily above 55,000 square feet of ground-floor retail, 11,450 square feet of second-floor office space and parking for more than 650 vehicles. Development plans also include a 13,000-square-foot open courtyard, as well as a 30,000-square-foot public park. The site currently houses a Coco’s restaurant, an auto repair garage and a post office.
“Thorofare is honored that an institutional-caliber borrower such as The John Buck Company counts on us for financing to help them and their JV partner bring this game-changing development to fruition,” said Thorofare CEO Kevin Miller. “The sponsors are experienced owners, operators and developers who’ve conceived 11111 Jefferson as a cornerstone project that will transform a triangular site and significantly contribute to the evolving landscape in Culver City.”
Thorofare’s David Perlman originated the loan with Jacob Yi and Paul Kim leading the underwriting and executing the closing of financing.
