Los Angeles, California

E11even Condos is a luxury condominium building near downtown Los Angeles in a revitalization area sparked by the construction of the nearby Staples Center arena. Built in 2006 and sold out the same year, National was eager to be a part of this exciting project, which capitalized upon the demand for well-located luxury condominiums. For this project, National led a $50 million participated construction loan with co-lender Washington Capital. The construction loan completed the financing structure, which consisted of equity and mezzanine components from various public and private sources, including, most critically, the development entity itself. By dealing with sophisticated, experienced developers, National was able to respond with competitive, flexible mortgage financing which serves as the lynchpin in any financing structure.