Cain Int’l, OKO Group Want $5.25B for Beverly Hills Resort
By Greg Cornfield August 5, 2024 1:00 pm
reprints
Look out below, Beverly Hills.
Cain International and Oko Group are looking for $5.25 billion to complete One Beverly Hills, an ultra-luxury resort with what will be the two tallest towers in the small posh city.
The new financing would replace $2 billion in financing led by J.P. Morgan Chase. The developers are seeking a floating-rate stack of junior and senior financing with a five- to seven-year term, from a combination of banks, private debt funds, insurance firms and other institutional capital sources, per Bloomberg, which cited unnamed sources in breaking the news of the financing search.
The current plan is to complete most of the project — said to be one of the most expensive resort developments in the country — in time for the 2028 Olympics in Los Angeles.
Crews broke ground in February on the 17.5-acre One Beverly Hills next to the iconic Beverly Hilton. The new resort will feature less than 200 Aman-branded residences, a 78-suite Aman hotel, retail space, and an underground garage with 1,800 spaces. One Beverly Hills will also feature a “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.
Newmark (NMRK)’s Capital Markets Strategies Group — including Anthony Orso, Bill Weber, Ari Schwartzbard and Cliff Welden — is the capital adviser on the project.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
Updated: This story has been updated since it was first published to reflect the number of planned residences, and to reference Newmark as adviser.
