Latigo Group Gets $182M Construction Financing For Thousand Oaks Apartments
The Latigo Group has locked in $182M in construction financing and joint venture equity to capitalize the development of a 333-unit multifamily project planned in Thousand Oaks.
JLL Capital Markets represented The Latigo Group, arranging the financing from Bank OZK, Affinius Capital and Peakhill Equity Partners. The largest piece of the deal was a $117.2M senior loan from Bank OZK. An affiliate of Peakhill Equity Partners invested in the project as a joint venture equity partner.
Latigo's project, Hillcrest Apartments at 2150 West Hillcrest Dr., is planned to span 395K SF across the street from the headquarters of pharmaceutical company Amgen in Newbury Park, a neighborhood within western Thousand Oaks.
JLL Capital Market’s Advisory team was led by Managing Director Bercut Smith and Senior Director Matt Benson.
"Despite there being limited capital flows to development projects right now, the market for senior financing and subordinate financing is very liquid and select projects can garner interest from joint venture equity providers,” Smith said in a release.
“Peakhill is excited to be part of this premier multifamily development in Thousand Oaks, strategically located across from Amgen’s global headquarters in one of Southern California’s most resilient and high-barrier-to-entry rental submarkets," Peakhill Equity Partners Managing Partner Jonah Belkin said in an emailed statement.
The Latigo Group is active in California and in Florida, where last year it broke ground on more than 700 units across two projects. The developer also completed a 142-unit residential project with ground-floor retail in Thousand Oaks in 2023.
Thousand Oaks is a hub for life sciences firms and has been since Amgen was founded there in the 1980s. Projects are in the pipeline to continue the trend: Alexandria Real Estate announced plans in 2022 to redevelop a property in Thousand Oaks for a 350K SF life science campus.
But the city's housing supply hasn't kept up with the creation of new jobs, and economists have said the high cost of housing has hampered growth in the region.
UPDATE, JUNE 25, 3:30 P.M. PT: This story has been updated with a quote from Peakhill Equity Partners and information about its role in the transaction.
