Deutsche Bank, Starwood Provide $231M Loan for West Hollywood Project
By Cathy Cunningham June 18, 2021 8:09 pm
reprints
Angelo Gordon and Townscape Partners have sealed a $231 million condo inventory loan for 8899 Beverly, an ultra-luxury project on Los Angeles’ Westside, Commercial Observer can first report.
Deutsche Bank (DB) provided the senior mortgage, while Starwood (STWD) Property Trust provided a mezzanine loan in the deal. Cushman & Wakefield (CWK)’s Rob Rubano and Keith Padien arranged the financing.
Angelo Gordon and Townscape Partners have significant equity in the deal.
The two partners also teamed up on 8150 Sunset Boulevard, a luxury, high-rise multifamily project in West Hollywood that’s currently in pre-development.
“We are proud to have been chosen by top caliber sponsors Angelo Gordon and Townscape Partners to finance 8899 Beverly, the preeminent luxury condominium project in Southern California,” Troy Miller, a managing director at Starwood Property Trust, told CO.
The buzzed about Olson Kundig-designed development is located within close proximity to Beverly Hills, Rodeo Drive, Melrose Avenue and the Sunset Strip. It comprises 48 luxury residences: a 10-story, 40-unit tower known as Tower Residences and eight individual townhomes set along Rosewood Avenue, known as the Rosewood Houses. It also includes 22,400 square feet of ground-floor retail space on Beverly Boulevard.
The residences are being marketed by a Douglas Elliman team led by star broker Fredrik Eklund.
Tower Residences is now in the final stages of construction, and expected to be delivered in August. When completed, it will be the tallest residential building in the area, and offer residents unobstructed, panoramic views of Beverly Hills, the Hollywood Hills, the San Gabriel Mountains and Century City. Also approaching completion, Rosewood Houses will be delivered by December.
All residents will have access to top-tier amenities, including an outdoor swimming pool, 2,000 square feet of gardens and landscaping, an outdoor fireplace, a dog park, private garages, valet service and 24-hour concierge staff.
The new development is already generating significant excitement. One source, who spoke with CO on the condition of anonymity, described it as “the best condo project in L.A., maybe in the country.”
The property is a “decade-long pursuit to transform an iconic, midcentury modern building into architecturally significant, handcrafted homes and to create the most extraordinary residential building in Los Angeles,” per the property’s website.
Once home to the Los Angeles International Design Center, 8899 Beverly Boulevard was built in 1964. The then-nine-story concrete tower was designed by modernist architect Richard Dorman. Later, it served as the headquarters of talent agency International Creative Management and was known as the ICM Building.
Officials at 8899 Beverly and Deutsche Bank didn’t respond to requests for comment. C&W officials declined to comment.
