The joint venture led by SHVO, Bilgili Group, and Deutsche Finance that owns 9200 Wilshire Boulevard in Beverly Hills has closed on a $190 million construction loan to break ground on the project.
The group purchased the residential and retail development site in May for $130 million.
The loan was provided by ACORE Capital and arranged by Lotus Capital Partners.
Comprising a full city block, the project is one of the only active new residential developments in Beverly Hills.
The mid-rise structure will have 54 residences, a glass exterior, a rooftop pool and 6,650 s/f of retail wrapping around a central courtyard along Wilshire Boulevard.
Michael Shvo, chairman and CEO of SHVO, “With financing now secured, we look forward to creating an iconic property for residents and visitors in Beverly Hills.”
Investors in the project include Bayerische Versorgungskammer (BVK), one of the largest institutional investors in Germany.
The partnership has invested $1 billion of equity over the last 15 months purchasing the former Coca-Cola Building at 711 Fifth Avenue, the South Seas Hotels in Miami Beach and the office portion of 685 Fifth Avenue in Manhattan, which is now being converted into luxury Mandarin Oriental Residences.