Maxxam Enterprises Obtains Financing for Beverly Hills Assets

Situated in the city’s Golden Triangle, the properties include new high-end apartments and a mixed-use building.

9440 Santa Monica Blvd. apartment building

9440 Santa Monica Blvd. Image courtesy of JLL

JLL Capital Markets has arranged financing with Wintrust Financial Corp. for an eight-unit, four-story ultra-luxury apartment building and a Class A trophy mixed-use building in Beverly Hills, Calif., both owned by Maxxam Enterprises.

Details on the financing transactions were not disclosed.

JLL worked on behalf of Maxxam, a Beverly Hills-based real estate investment, development and management firm, to secure the financing for the newly constructed multifamily building at 250 North Crescent Drive and an approximately 92,000-square-foot office and retail property at 9440 Santa Monica Blvd. Both properties are located in the famed Beverly Hills downtown area known as the Golden Triangle.

The JLL Capital Markets Debt Advisory team representing Maxxam was led by Senior Director Matt Stewart, Director Alethia Halamandaris and Analyst Jalynn Borders.

Stewart said in a prepared statement that in today’s market, debt is a strategic partnership rather than a commodity. He said the two transactions between Maxxam and Wintrust represent the resilience of such a partnership amid the current market volatility.

Brenton Norman, vice president at Chicago-based Wintrust, said in prepared remarks the transactions represent a continuing expansion with Maxxam and the growth of its footprint in Southern California.

For Maxxam, the transactions for two different types of assets are part of the company’s continued strategy to own, operate and develop best-in-class assets across various product types. Founded in 1979, Maxxam began converting older warehouses and industrial buildings into retail, wholesale and showroom space in what is today the Fashion District of downtown Los Angeles. To date, the firm has acquired or developed more than 200 properties totaling more than 4 million square feet of space throughout California, the Western United States and other select markets.

Asset Descriptions

250 N. Crescent Drive apartment building

250 N. Crescent Drive. Image courtesy of JLL

Maxxam states on its website that the newly built property at 250 N. Crescent Drive was acquired in an off-market transaction. Described as an ultra-luxury apartment building with high-end finishes and specifications, the building is situated in the highly desired zip code of 90210 near some of the finest shopping and dining experiences in the region, including Rodeo Drive. The four-story property was designed by Levin Morris Architects and has a common area rooftop deck and subterranean parking. It is located across the street from the only Whole Foods Market in the city and is also near Beverly Hills Gardens Park, Virginia Robinson Gardens, Zimmer Children’s Museum and La Brea Tar Pits. Beverly Hills High School and El Rodeo Elementary School are about 1 mile away.

Also known as the Bank of America Building, 9440 Santa Monica Blvd. is situated at the northwest corner of Beverly Drive and Santa Monica Boulevard. Designed by noted architectural firm Oxley-Landau Partners, the building was completed in 1974. Maxxam has owned the landmark building since January 2013.

The eight-story building has floor-to-ceiling windows which provide views of the Hollywood Hills, downtown Los Angeles and the Westside. The building’s office tenants include financial, real estate legal and entertainment firms. The property also has ground-floor retail and is home to the flagship branch for Bank of America. In August 2021, Maxxam signed PNC Mortgage to a long-term lease for approximately 4,000 square feet next to the retail bank branch.

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