The Hobart, a 39-unit Class A mid-rise multifamily property located in the heart of Koreatown, has received $16.7 million in construction take-out—a permanent loan to pay off the balance of a former short-term construction loan.

Jones Lang LaSalle Inc. arranged the financing and also represented the borrower, Jannone Development, in order to secure the two-year, floating-rate loan. 

“JLL Capital Markets, with Chris Collins, helped me secure my original construction financing on this project, and as we neared completion, I felt confident they could deliver an optimal solution for our bridge needs,” Marc Jannone, founder and general contractor at Jannone Development, said in a statement. 

Santa Monica-based Jannone Development is a private development company that specializes in residential development, primarily multifamily and condo properties, within L.A. County.  

Collins, who is a senior director at JLL, led the JLL Capital Markets Debt Advisory team along with associate Brad Vansant in sourcing the financing.

The Hobart, a six-story, newly built residential complex, is at 3050 W 11th St. 

It has a mix of one-, two- and three-bedroom floorplans that range from 877 to 1,424 square feet in size.

According to its website, the apartment complex features views of Century City and the Hollywood Sign, as well as of the Griffith Observatory.

The location is walkable to the many different entertainment venues, restaurants and bars throughout Koreatown, notably including the Wilshire and the Metro Purple Line.

Jannone Development is planning to deliver more than 100,000 square feet of new developments over the next 18 months.