JP Morgan and VICI Properties have led a $4.3bn (€3.7bn) financing for a mixed-use urban destination and residential project in Beverly Hills, California.
The financing for the One Beverly Hills development consists of a $2.8bn senior loan led by JP Morgan and a $1.5bn mezzanine loan from VICI. The 17.5-acre development is sponsored by Cain in partnership with Eldridge Industries.
One Beverly Hills, which features Aman Beverly Hills and The Beverly Hilton, comprises urban residences, hotel and members’ club, alongside retail, hospitality, wellness and leisure concepts set within 10 acres of gardens and open space.
Construction began in 2024, with vertical works starting in autumn 2025 and a phased delivery scheduled to commence from 2028.
Jonathan Goldstein, co-founder and CEO of Cain, said: “This transaction is indicative of the confidence the market has in our vision for One Beverly Hills. We are delighted to be working with JP Morgan and VICI, two of the most respected institutions in global real estate and capital markets.
“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.”
Todd Boehly, chairman and CEO of Eldridge Industries, said: “Los Angeles sits at the intersection of culture, hospitality, sport and entertainment.
“We have long believed in Beverly Hills and the broader Los Angeles market, and in its ability to attract global demand and long-term capital. This project reflects that conviction, and we are proud to support a development that invests in the community and contributes to the city’s next chapter.”
Ed Pitoniak, CEO of VICI Properties, said: “We are enthusiastic about the expansion of our partnership with Cain and Eldridge Industries through a truly unique, place-based development project in One Beverly Hills.
“VICI shares our partners’ conviction in the strength of high-end experiences in world-leading destinations, and we look forward to continuing to grow our strategic relationship with Cain and Eldridge Industries for years to come.”
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