Marcus & Millichap Capital Corp Secures $85 Million Loan For Beverly Hills Development Site

A development site located at 55 North La Cienega Boulevard in Beverly Hills, CA, has secured $85 million in construction financing. The property encompasses a gross square footage of 297,771 and is planned as a six-story mixed-use development featuring 140 apartments along with 13,303 square feet of retail space, including 22 units designated for affordable and moderate-income housing.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $85,000,000
• Loan Type: Construction
• Loan Terms: four-year
• Market: Beverly Hills, CA
• Broker: Sharone Sabar - Marcus & Millichap Capital Corp

Sharone Sabar from Marcus & Millichap Capital Corp facilitated the financing for this significant development project, which aims to enhance the local community by providing both residential and commercial spaces while meeting affordable housing needs.