A joint venture has purchased a development site in Beverly Hills for $130 million.
Buyers SHVO, Bilgili Group and Deutsche Finance announced the purchase of 9200 Wilshire Blvd. May 8.
The site, which is fully entitled for a retail and residential development, was sold by New Pacific Realty Corp.
Once completed, the site will have 54 residences in a seven-story building. The building will also have nearly 7,000 square feet of retail space.
“There is enormous demand in Beverly Hills for this type of luxury offering, but extremely limited supply,” said Sven Neubauer, chief investment officer of Deutsche Finance, in a statement.
Larkspur-based Acore Capital provided a $51 million acquisition loan for the site. Lotus Capital Partners arranged the loan.
The project marks the third joint venture between SHVO, Bilgili Group and Deutsche Finance. The group also has a property in Miami and the office portion of a property in New York.
MVE + Partners is designing the project. The project is expected to be completed by the end of 2021.
Commercial real estate reporter Hannah Madans can be reached at email@example.com. Follow her on Twitter @HannahMadans
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