John Buck 3MR Capital, land $34M loan in Culver City

JV developing $210M mixed-use project on Jefferson

Los Angeles /
Dec.December 28, 2021 10:34 AM
John Buck 3MR Capital, land $34M loan in Culver City
11111 Jefferson in Culver City and The John Buck Company CEO John Buck II (Google Maps, TJBC)

The John Buck Company’s first project in the Los Angeles area is one step closer to realization after the firm scored.

The Los Angeles Business Journal reported the Chicago-based developer and joint-venture partner 3MR Capital in El Segundo received a $34.1 million loan from Thorofare Capital. It is earmarked for a $210 million mixed-use project at 11111 Jefferson in Culver City,

“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,” said Thorofore chief executive Kevin Miller.

According to the Business Journal, the 3.4-acre development site currently has a Coco’s restaurant, a post office and an auto repair garage. The site has been entitled for a five-story building, though, and the property would be torn down to make way for the development.

The development is slated to include up to 230 apartments units, including 19 set aside for tenants with very low incomes, according to Urbanize. There will be 55,000 square feet of retail space on the ground floor and 11,000 square feet of office space above that.

Other features of the development include a 30,000-square-foot public park on Machado Road, a 13,000-square-foot courtyard and parking for more than 650 vehicles.

Urbanize reported that the project has been scaled back since it was first announced in 2019. Original plans called for 279 housing units and 51,000 square feet of office space.

Construction on the project is expected to begin during the second quarter of 2022, according to a schedule shared with the Culver City Planning Commission. It is expected to wrap by the third quarter of 2024.

The development at 11111 Jefferson is part of a changing landscape in Culver City, an independent municipality surrounded by L.A.’s Westside. Earlier this year, the Culver City Council granted approval to Sandstone Properties for a 175-room hotel down the road at 11469 Jefferson Boulevard. Construction on that project is also expected to wrap in 2024.

[LABJ] — Holden Walter-Warner





    Related Articles

    arrow_forward_ios
    Randy Kendrick, chief executive officer, Xebec Realty, and 12975 Bradley Avenue in Sylmar, CA (Xebec Realty, LoopNet)
    Xebec looks to flip Sylmar industrial to self
    Xebec looks to flip Sylmar industrial to self
    A rendering of 10130-10136 Adella Avenue and Newport Ventures’ Dave Mossman and Kemp Bros. Construction's Greg Solaas (LinkedIn, Kemp Bros., CBRE)
    South Gate lot entitled for 78 resi units up for sale
    South Gate lot entitled for 78 resi units up for sale
    Neil Shekhter, WS Communities CEO Scott Walter and 1550 Lincoln Boulevard
    Shekhter’s WSC gets $125M loan for LA resi developments
    Shekhter’s WSC gets $125M loan for LA resi developments
    Rob Speyer (President, Chief Executive Officer, Tishman Speyer) & Neil Shekhter (Founder, Chief Executive Officer, NMS Properties) (iStock, Tishman Speyer, NMS Properties, Illustration by Kevin Cifuentes for The Real Deal)
    Tishman Speyer to build 620 units on Santa Monica sites
    Tishman Speyer to build 620 units on Santa Monica sites
    OC-based JV gets $77M loan for Inland Empire residential
    OC-based JV gets $77M loan for Inland Empire residential
    OC-based JV gets $77M loan for Inland Empire residential
    From Kmart to Cop Shop in Inland Empire
    From Kmart to Cop Shop in Inland Empire
    From Kmart to Cop Shop in Inland Empire
    Court clears new housing near Expo Line
    Court clears new housing near Expo Line
    Court clears new housing near Expo Line
    9.7-acre Thousand Oaks development site for sale
    9.7-acre Thousand Oaks development site for sale
    9.7-acre Thousand Oaks development site for sale
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...