$20.0M refinancing for condo conversion secured in Los Angeles

SAN DIEGO, Aug. 18, 2025 – JLL Capital Markets announced today that it has secured a $20 million refinancing for The Secret at K-Town, a 39-unit, Class A multifamily property located in Los Angeles' Koreatown neighborhood. The ownership plans to convert the building into for sale condominiums.

JLL represented the borrower, Jannone Development, in arranging a floating-rate conversion and sell-out loan with a private lender.

The Secret at K-Town, located at 3050 W 11th St, features spacious residences in one of Los Angeles' most walkable neighborhoods, with a 94 Walk Score. The property offers easy access to the Metro Purple Line stations at Wilshire/Western and Wilshire/Normandie, allowing residents convenient connections to major employment centers including Downtown Los Angeles, Hollywood and the Westside. The neighborhood is renowned for its vibrant dining scene, cultural amenities and 24/7 urban lifestyle.

Los Angeles continues to experience strong demand for ownership opportunities in supply-constrained neighborhoods like Koreatown, which ranks as the 3rd highest population density in the nation behind Midtown Manhattan and Chicago's North Side neighborhoods.

The Secret at K-Town, completed in 2024, offers a mix of one-, two- and three-bedroom floor plans with luxury features including kitchen islands, pantries, balconies and in-unit laundry across its 46,574 square feet. The property includes 78 parking spaces and modern finishes throughout. Originally designed as for-sale condominiums before pivoting to multifamily during construction, the property is now returning to its intended use as ownership units.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Director Chris Collins, Director Brad Vansant and Analyst Emily Pohlman.

"This financing allows the sponsor to execute their business plan of converting these luxury apartments back to their original intended purpose as condominiums," said Collins. "The property's exceptional location and high-end finishes make it perfectly positioned to meet the growing demand for ownership opportunities in this dynamic neighborhood."

Jannone Development plans to complete the condo conversion and sales process over approximately 18-24 months.

JLL Capital Markets 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.

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

Recently, Marc Jannone, founder of Jannone Development, was featured in the Los Angeles Business Journal as one of a select group of experts cited for his experience in the L.A. multi-family market.