The backers of the $10-billion One Beverly Hills project have locked down financing to complete construction.

Earlier this week, developers Cain and Eldridge Industries announced $4.3 billion in financing, including a $2.8-billion senior loan by J.P Morgan and a $1.5-billion mezzanine loan from VICI Properties Inc. The money will go toward the buildout of a 17.5-acre site that includes the Beverly Hilton hotel and the new Aman Beverly Hills.

“This transaction is indicative of the confidence the market has in our vision for One Beverly Hills. We are delighted to be working with J.P. Morgan and VICI, two of the most respected institutions in global real estate and capital markets,” said Cain co-founder and chief executive officer Jonathan Goldstein in a news release. “The demand we are seeing from residential buyers and global brands speaks to the rarity of this project, the strength of our hospitality partners and the enduring appeal of the Beverly Hills market. Together with our partners and the City of Beverly Hills, we look forward to delivering one of the most exceptional real estate destinations in North America.” 

Rendering of One Bveerly HillsFoster + Partners

The full project is to include:

  • a 10-story, 78-suite Aman hotel with a 100,000-square-foot private club;
  • approximately 200,000 square feet of commercial space;
  • subterranean parking for roughly 1,700 vehicles; and
  • up to 200 luxury condominiums ranging from 2,500 to 25,000 square feet in size.

In addition to new construction, project will also involve the refurbishment of the Beverly Hilton, as well as commercial tenants such as Dolce&Gabbana, Los Mochis, and Casa Tua Cucina.

The first components of the project are set to come online in 2028.

The financing comprises a $2.8 billion senior loan led by J.P. Morgan and a $1.5 billion mezzanine loan from VICI.  

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