Bank of China Lends $390M for Crescent Heights’ Luxury Los Angeles Rental Tower
By Danielle Balbi January 30, 2017 2:25 pm
reprints
A multimillion-dollar loan has found a new place to call home.
National developer Crescent Heights snagged a $390 million first mortgage from Bank of China for Ten Thousand, a 40-story, high-end rental tower in Los Angeles, Commercial Observer has learned.
The long-term financing replaces a construction loan led by Ullico and preferred equity from Blackstone Group on the 283-unit multifamily building, which was completed earlier this month.
To date, Crescent has financed $1.4 billion with Bank of China. Casey Klein, a managing director at the development company, told CO that the major Chinese bank “is relationship-driven, loyal and understands our vision as a developer.”
The property, which will feature two- to three-bedroom units, is located at 10000 Santa Monica Boulevard, on the border of Beverly Hills and Century City.
Ten Thousand is heavy on services and amenities, and Crescent Heights is employing a house staff of over 60 to attend to tenant needs. There will be a 24-hour doorman, valet attendants and porters, a concierge, private drivers, a lifestyle manager and wait staff for food and beverage services.
In addition to outdoor recreational areas like a heated pool, fire pits, a tennis court and a dog run, the second and third floors of the Handel Architects-designed property will feature 75,000 square feet of amenities. Residents will have access to a 75-foot long indoor lap pool, sauna, steam rooms, a massage and spa treatment area, a fitness center and a variety of exercise classes. There is also an on-site garage, a bicycle room, a storage room and a pet spa.
A representative for Bank of China was not available for comment.
