Beverly Hills Luxury Project Scores $190M Loan
- Oct 07, 2019
The owners of a luxury residential and retail site at 9200 Wilshire Blvd. in Beverly Hills, Calif., has closed on a $190 million construction loan to break ground on the prime 54-unit project. The joint venture that owns the parcel is led by developer SHVO, Turkish conglomerate Bilgili Group and Deutsche Finance.
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The group purchased the fully entitled development site neighboring the city’s famed downtown, the Golden Triangle, from New Pacific Realty Corp. in May for $130 million. The project spans a full city block and will consist of a glass-sheathed, six-story structure split into two wings. Community amenities will include a rooftop pool in addition to roughly 6,650 square feet of retail space wrapping around a central courtyard.
Investors in the project include German pension fund Bayerische Versorgungskammer (BVK). The partnership between SHVO, Bilgili Group and Deutsche Finance has invested roughly $1 billion of equity in a number of prime locations over the last 15 months, including the purchase of the former Coca-Cola Building at 711 Fifth Ave. in Manhattan.
SHVO, BLG Capital and Deutsche Finance America are also developing a 69-residence luxury condo project at Midtown Manhattan’s 685 Fifth Ave., to be completed in 2021. Mandarin Oriental Hotel Group signed a branding and management contract for the residences in February.