Beverly Hills Redevelopment Secures $85M Construction Loan
The project has been more than a decade in the making.
Marcus & Millichap Capital Corp. has arranged $85 million in construction financing for a 140-unit redevelopment in Beverly Hills, Calif. Westland Development Group spearheads the project, according to Yardi Matrix data.
A national bank provided the four-year note at a 65 percent loan-to-cost ratio, making the project clock in a total of $130.8 million.
A vacant restaurant currently occupies the site at 55 N. La Cienega Blvd., which Westland Development acquired in 2014. The commercial building was completed in 1947 and encompasses 13,500 square feet.
Once completed, the 297,771-square-foot community is set to become the largest residential property in the city of Beverly Hills, Marcus & Millichap Executive Managing Director Sharone Sabar said in prepared remarks. Sabar was the one to secure the financing.
The six-story property is slated to include 13,303 square feet of ground-floor retail, in addition to amenities such as a rooftop deck with a swimming pool, a theater, conference facilities and private workspaces, as well as a bar and restaurant, among others. A total of 22 units will be set aside as income-restricted.
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Westland has been looking to redevelop the site for more than a decade, with earlier proposals including a hotel. However, the company later pivoted toward multifamily. The residential project underwent several iterations, advancing from 105 to 140 units by stacking density bonuses, which in turn also required affordable set-asides.
Westland Development Group has been expanding its residential footprint since its 1980 inception, reaching beyond the Greater Los Angeles area. The company has since crossed into Nevada and Arizona.
LA multifamily pipeline remains steady
In the 12 months ending in May 2026, the metro L.A. multifamily stock expanded by 1.9 percent, according to a Yardi Matrix report. The area’s housing completion rate stood above San Francisco’s (1.5 percent) but below San Diego’s (3.0 percent).
Metro L.A. still held north of 26,000 units under construction in its pipeline as of mid-June, the same data provider shows, with the completions forecast slightly above 11,000 apartments during the whole of 2026. That would be in line with the area’s pace since 2020 onward.
