JV Closes $190M Loan To Begin Work On Beverly Hills Project
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.
SHVO, Bilgili Group and Deutsche Finance acquired the property from New Pacific Realty Corp. for $130M in May.
One of the JV’s biggest investors is Bayerische Versorgungskammer, one of Germany’s largest institutional investors pension funds in Europe.
