From Los Angeles Business Journal · staff-author · · 1m 10s
Developers Secure $132.7M Loan for Culver City Project
Lincoln Property Co. and McCourt Partners get $132.7M loan to revive stalled Culver City post office site development.
In brief
Lincoln Property Co. and McCourt Partners get $132.7M loan to revive stalled Culver City post office site development. Developers Lincoln Property Co. and McCourt Partners secured $132.7 million construction financing to build a six-story apartment building on the former U.S. Post Office site in Culver City…
Loan Secured
Lincoln Property Co. and McCourt Partners secured a $132.7 million construction loan from Bank OZK to build a six-story apartment building on the former U.S. Post Office site at 11111 Jefferson Blvd.
Project Details
The proposed mixed-use project includes 344 units, 52 for low-income households, 2,000 sq ft of retail, 0.4 acres of public space, and parking for 500 cars.
Project History
The site was previously home to a post office, Coco’s Bakery Restaurant, and a Valvoline oil change shop before demolition in 2022.
Previous Financing
Thorofare Capital provided a $34 million pre-development loan, but the project defaulted on the loan in December 2024 with $36.8 million debt.
New Design
Culver City approved revised plans eliminating office space and adding 114 housing units, swapping underground parking for a central garage.
The takeaway
Developers Lincoln Property Co. and McCourt Partners secured $132.7 million construction financing to build a six-story apartment building on the former U.S. Post Office site in Culver City.
