JLL Capital Markets raises $182 million to capitalize Hillcrest Apartments in Thousand Oaks, CA

LOS ANGELES, Jun. 24, 2025 – JLL Capital Markets announced today that it has secured $182 million in construction financing and joint venture equity to capitalize the development of Hillcrest Apartments, a 333-unit multifamily development located directly across from Amgen’s headquarters in Thousand Oaks, California.

JLL represented the borrower, The Latigo Group, in arranging the $182 million in financing from Bank OZK, Affinius Capital and Peakhill Equity Partners, which includes a $117.2 million senior loan from Bank OZK.

Upon completion, Hillcrest Apartments will span more than 395,000 square-feet across 333 multifamily units and more than 5,700 square feet of ground-floor retail. The Project will offer future residents top-of-market amenities including a rooftop terrace with expansive views, an upscale swimming pool and robust fitness center, as well as co-working spaces, a multisport simulator, a podcasting studio, a wellness center with a sauna, cold plunge, a private yoga studio and on-site restaurants and retail.

Hillcrest Apartments is located at 2150 West Hillcrest Dr., one of the strongest rental submarkets in Southern California. The Project will benefit from its strategic position directly off US-101 and across from Amgen's headquarters. The area boasts an average household income of $164,000 and median home prices exceeding $1,050,000, positioning Hillcrest Apartments to offer residents a substantial discount to home ownership.

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,” said Smith. “We are excited to have played a role in helping the Latigo Group successfully capitalize their second Project in the City of Thousand Oaks and become the first developer in the city to complete multiple multifamily assets with at least 100 units in more than two decades."

JLL Capital Markets Group is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom.

Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.

The Latigo Group ("TLG") is a privately-owned Los Angeles-based real estate investment and development firm specializing in ownership and development of multi-family, mixed use and student housing properties throughout the United States. TLG employs a hands-on approach to manage all phases of investment while pursuing assets in established communities with proven long-term demand drivers. The firm focuses on delivering high quality projects that incorporate sustainable practices, enrich existing communities and create a high quality of life for residents.

Bank OZK (Nasdaq: OZK), through its Real Estate Specialties Group (RESG), provides financing on commercial real estate projects throughout the nation. RESG is considered a preeminent, market-leading construction lender focused on senior secured financing for a variety of property types including mixed use, multifamily housing, condominiums, office, hospitality, life sciences, industrial and retail. For the five years ended March 31, 2025, RESG originated approximately $40.42 billion in new loans. For more information, visit ozk.com.

Affinius Capital® is an integrated institutional real estate investment firm focused on value-creation and income generation with a 40-year track record and $63 billion in gross assets under management. The firm maintains a diversified portfolio across North America and Europe, providing both equity and credit to partners and institutional clients globally.

Peakhill Equity Partners is a Toronto-based real estate asset manager with both private equity and private credit strategies in the U.S. and Canada. Peakhill Equity Partners is focused on Co-General Partner and Priority Equity investments in ground-up development and value-add real estate projects with best-in-class sponsors. Through its entrepreneurial structure, flexible balance sheet, and development expertise, Peakhill seeks to identify and execute on unique opportunities with superior risk-adjusted returns through the capital structure.