JV Closes $190M Loan To Begin Work On Beverly Hills Project
Want to get a jump-start on upcoming deals? Meet the major Los Angeles players at one of our upcoming events!
Beverly Hills will soon have a new luxury hot spot.
ACORE Capital has provided a $190M construction loan to a JV of SHVO, Bilgili Group and Deutsche Finance for the development of a 307K SF mixed-use residential and retail development in the Golden Triangle area of Beverly Hills. Lotus Capital Partners arranged the financing.
The mixed-use property at 9200 Wilshire Blvd. will feature a seven-story mid-rise building with a glass exterior, 54 residential units, a rooftop pool and 6,650 SF of ground-floor retail space. The Golden Triangle is a several blocks-wide triangular-shaped area in Beverly Hills anchored by Rodeo Drive in the middle.
The proposed development is within a half-mile of Rodeo Drive and other high-end retailers, restaurants and hotels in the Golden Triangle.
“This is a rare opportunity to build something unique and exceptional in an irreplaceable Beverly Hills location,” SHVO Chairman and CEO Michael Shvo said in a news release. “With financing now secured, we look forward to creating an iconic property for residents and visitors in Beverly Hills.”
A Bisnow request for more information was not answered as of press time.
It is unclear when the JV will break ground and when the project will be completed.