The developers of a $2B Beverly Hills residential project have locked down a $500M refinance loan that will help advance their plans.

Alagem Capital Group and Cain International secured the $500M from Aareal Capital and a Goldman Sachs real estate fund to refinance the Beverly Hilton and the Waldorf Astoria Beverly Hills. The senior portion of the loan is being provided by Aareal, while Goldman Sachs’ Broad Street Real Estate Credit Partners III fund is providing the mezzanine portion.

Alagem Capital Group President, Hospitality Ted Kahan told Bisnow that the money will be used to stabilize the hotels’ operations over the next few years, allowing the hotels to function properly while the One Beverly Hills project moves toward construction.

Alagem Capital Group and Cain International received final approval and signed a development agreement for the One Beverly Hills project in July, but there are still things to do before construction can begin, such as finishing the architectural plans.

“This really gives us the runway we need to have the time to do this in a deliberate manner,” Kahan said.

The financing is also a vote of confidence for their project, developers say.

“This strong commitment from highly regarded institutions is a major milestone for our project and further underpins our belief in the bright future for the hospitality industry and global gateway cities,” Cain International CEO and co-founder Jonathan Goldstein said in a statement.

The project would dramatically alter a triangular site at the intersection of Santa Monica and Wilshire boulevards that already houses the Waldorf Astoria and Beverly Hilton hotels, as well as redevelop a now-vacant site that previously housed a Robinsons-May department store.

The resulting 17.5-acre project, designed by architects Foster + Partners and Gensler plus landscape architecture firm Rios, would include an elevated platform built over Merv Griffin Way, an 8-acre botanical garden and a pair of condo towers. With the tallest building in One Beverly Hills reaching over 30 stories, the project would represent a new height record for the city.