$35,000,000 Acquisition Loan Secured for Retail Property in Beverly Hills, CA
May 6, 2026 Bank
Deal Summary
Customers Bank provided a $35 million loan secured by the former Neiman Marcus property at 9700 Wilshire Boulevard in Beverly Hills, comprising an approximately 101,000 square foot department store building and adjacent parking structures, according to public records. Ben Ashkenazy signed as member for the borrower.
The financing follows the site's $50 million sale recorded in December 2025. The full block position at the gateway to the Beverly Hills business triangle is among the most closely watched repositioning opportunities in the submarket following the department store's departure.
Financing on vacant anchor retail is one of the hardest executions in the debt market, and a $35 million loan on a dark department store speaks to the strength of the land basis and the sponsor's track record with exactly this kind of urban retail repositioning.
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Market Notes
Vacant anchor boxes in irreplaceable locations get financed on basis and sponsorship, not in place cash flow. Owners of dark retail in strong trade areas should package the financing request around land value, alternative use optionality, and a credible leasing or redevelopment plan, because that is what the handful of lenders active on this profile actually underwrite.
Transaction Details
- Closing Date
- May 6, 2026
- Loan Amount
- $35,000,000
- Loan Type
- Bank
- Loan Purpose
- Acquisition
- Capital Type
- Senior Debt
- Asset Type
- Retail
- Source
- Public records
Property
- Property Name
- 9700 Wilshire Blvd (Former Neiman Marcus)
- Address
- 9700 Wilshire Blvd
- City, State
- Beverly Hills, CA
- Market
- Los Angeles
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Transaction details are compiled from public announcements, press releases, industry reporting, or information submitted by parties to the transaction, and have not been independently verified by LoanList CRE. Terms shown may be approximate. Nothing on this page constitutes a quote, offer, or guarantee of financing terms. Full disclaimer.