California + Los Angeles + Finance | August 9, 2023

JLL Arranges Construction Take-Out on Koreatown Apartments

JLL Capital Markets arranged the $16.7-million construction take-out financing for The Hobart, a 39-unit, Class A mid-rise multi-housing community located in the Koreatown submarket of Los Angeles. JLL represented the borrower, Jannone Development, to secure the two-year, floating-rate loan.

Newly built in 2023 and located at 3050 W. 11th St, the community consists of a six-story rental building that offers a diverse unit mix of one-bedroom, two-bedroom and three-bedroom floorplans ranging from 877 to 1,424 square feet. The larger unit sizes and unit mix are unique for Koreatown.

“JLL Capital Markets, with Chris Collins, helped me secure my original construction financing on this project, and as we neared completion, I felt confident they could deliver an optimal solution for our bridge needs,” said Marc Jannone, founder of Jannone Development.

The JLL Capital Markets Debt Advisory team was led by senior director Collins and associate Brad Vansant.

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JLL's Collins

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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