JPMorgan Heads $2B Construction Package for Landmark Beverly Hills Project
Ultra-luxury resort will span 17.5 acres with two residential towers, a hotel and a ‘garden oasis’
By Greg Cornfield March 13, 2024 1:45 pm
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A landmark development in one of the most coveted enclaves in the nation is now backed by one of the best-positioned financial institutions in America.
Privately held investment firm Cain International announced Wednesday it secured $2 billion in construction financing — including a $500 million senior loan from JPMorgan — to build an expansive luxury resort development already underway in Beverly Hills, Calif. That makes the high-end One Beverly Hills one of the largest privately funded projects in the nation.
“This endorsement (from JPMorgan) further strengthens our confidence in the stability and potential of luxury real estate in sought-after locations,” Jonathan Goldstein, CEO and co-founder of Cain International, said in a statement.
Crews started work last month on the 17.5-acre, “several-billion-dollar” development that will add two residential towers — which will be the tallest buildings in Beverly Hills — and a 10-story, all-suite luxury hotel. It will combine for nearly 1.4 million square feet of new space at the western entryway into the small city in the middle of sprawling Los Angeles.
One Beverly Hills will also feature a 10-acre “garden oasis” designed by Rios that will help integrate the development with the iconic Beverly Hilton and Waldorf Astoria at the intersection of Wilshire and Santa Monica boulevards.
Prominent hospitality and lifestyle brand Aman was selected in 2022 to manage the luxury hotel, residences and private club. Architecture firm Foster + Partners designed the master plan, while Kerry Hill Architects designed the Aman-branded spaces.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
