Beverly Hills Mixed-Use Development Gets $4.3B in Financing
The $10 billion construction effort is among the most expensive privately funded projects in the country.
Cain and Eldridge Industries, developers of the master-planned One Beverly Hills mixed-use project, have secured $4.3 billion in financing to complete the development in the heart of Beverly Hills, Calif. J.P. Morgan is providing a $2.8 billion senior loan for the $10 billion, 17.5-acre project and VICI Properties is providing $1.5 billion in mezzanine debt, which covers the construction of up to 200 Aman-branded residential condominiums.
The financing package is among the largest of its kind to take shape in the last decade, according to the developers. One Beverly Hills is among the most expensive privately funded real estate developments underway in the U.S. The community is expected to generate approximately $40 billion in local economic activity over 30 years and will support more than 2,700 direct construction jobs.
Plans for the development date back to 2018, when Cain and Alagem Capital bought the site at 9900 Wilshire Blvd from Dalian Wanda Group for $445 million. In June 2021, the Beverly Hills City Council signed off on designs from master planner Foster + Partners.
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The VICI mezzanine loan has an initial term of four years with one 12-month extension option. It will be deployed over the course of the initial term, providing monthly capital allocation. The lender plans to fund the investment with cash on hand. It represents a $1.05 billion incremental commitment beyond VICI’s existing $450 million investment made in July 2025. Earlier that year, the firm provided a $300 million mezzanine loan to the developers.
The financing is also part of a long-term strategic relationship VICI announced with Cain and Eldridge in February 2025. An experiential REIT, VICI owns 93 entertainment and leisure destinations in the U.S. and Canada, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas.
Further details on the J.P. Morgan financing were not disclosed by the developers. However, Bloomberg reported it’s a refinance and upsize of an earlier $500 million loan. While J.P. Morgan plans to syndicate its debt with other lenders, it will also retain a significant share on its books, according to Bloomberg.
Phased development underway
Construction of One Beverley Hills began in 2024, with vertical development starting in the fall of 2025. Delivery will be in phases, with the first completion scheduled for 2028.
The development will connect to The Beverly Hilton, which will undergo a full-scale refurbishment, as well as the Waldorf Astoria Beverly Hills. It will be anchored by the new Aman Beverly Hills, which includes the 28- and 32-story towers with Aman-branded residences, a 10-story, 78-suite hotel and a 100,000-square-foot private Aman Club.
Sales have started for one of the condo towers featuring residences ranging from two-bedroom, 2,550-square-foot floorplans to 25,000-square-foot penthouses with sweeping views of the Pacific Ocean Hollywood Hills and downtown Los Angeles.
The property will include, hospitality, wellness and leisure amenities throughout 10 acres of botanical gardens and open space. Leading hospitality and retail brands that have committed to One Beverly Hills include Dolce & Gabbana, which will be expanding its Beverly Hills presence, and the first West Coast location for Casa Tua Cucina, an Italian-market dining concept. The property will also have 1,800 underground parking spaces.
Branded condo projects catch on
Branded residential developments have become more popular on both coasts in recent years. The Rosewood Residences Beverly Hills, which opened last year, and the Mandarin Oriental Residences are both located near the One Beverly Hills development site. Last month, Related Group and Dezer Development topped off Rosewood Residences Hillsboro Beach, a 92-unit luxury condominium waterfront development in Hillsboro, Fla. It will have a 10-story oceanfront tower with 70 units and a three-story building facing the Intracoastal Waterway with 22 units. It is slated for completion by 2027.
Rosewood Hotels & Resorts is also developing branded luxury condo developments in Dallas, where Rosewood Residences Turtle Creek, topped out last fall. The developer has additional projects in Miami and Naples, Fla., both slated for delivery this year.
