Marcus & Millichap Capital Corporation (MMCC) has arranged $85 million in construction financing for development of a 297,771-square-foot mixed-use project located at 55 N. La Cienega Blvd. in Beverly Hills. The four-year construction loan was structured at 65% loan-to-cost.
Sharone Sabar, executive managing director in MMCC’s Encino office, secured the financing on behalf of a private investor through a national banking institution. “Securing financing for a project of this scale and complexity in Beverly Hills reflects not only the strength and vision of the sponsorship team, but also lender confidence in the long-term fundamentals of the market,” said Sabar.
He added, “The project will transform a long-held commercial site into 140 luxury multifamily residences and 13,303 square feet of ground-floor retail in one of Southern California’s most sought-after and supply-constrained markets. The sponsor acquired the property in October 2014 and spent more than a decade navigating the entitlement and planning process to bring the project to fruition.”
