$4,300,000,000 Construction Financing Secured for Mixed-Use Property in Beverly Hills, CA
Mar 23, 2026 Bank
Deal Summary
One Beverly Hills finalized $4.3 billion in financing to complete development of its 17.5-acre luxury mixed-use project in the heart of Beverly Hills, among the largest financings of its kind in the last decade. The capital stack comprises a $2.8 billion senior loan led by J.P. Morgan and a $1.5 billion mezzanine loan from VICI Properties, the S&P 500 experiential real estate investment trust. Cain sponsors the development in partnership with Eldridge Industries.
The project will bring Aman's first West Coast urban residences, hotel, and members' club to a site connecting a refurbished Beverly Hilton and the Waldorf Astoria Beverly Hills, with retail, hospitality, and wellness concepts set within 10 acres of gardens and 1,800 underground parking spaces. Residential sales momentum preceded the closing, with the first Aman-branded tower offering residences from 2,550 square foot two bedrooms to 25,000 square foot penthouses. Construction commenced in 2024, vertical work began in autumn 2025, and phased delivery is scheduled from 2028.
Beyond the headline number, the structure is worth studying. A money-center bank leading a $2.8 billion senior position with a REIT providing $1.5 billion of mezzanine capital shows how the largest deals are getting done in this market: senior leverage from the banks that can syndicate it, and subordinate capital from non-traditional credit providers with strategic conviction in the asset. VICI's participation extends its growing lending relationship with Cain and its stated focus on experiential real estate.
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Market Notes
The mezzanine tranche is the story for anyone watching how large capital stacks get assembled right now. REITs, sovereigns, and other non-traditional credit providers are stepping into subordinate positions on trophy assets where they have strategic conviction, often at scale traditional mezzanine funds cannot match. For sponsors of large projects, the lesson is that the subordinate capital search should extend well beyond the usual mezzanine lender list to strategic capital with a thesis about the asset itself.
Transaction Details
- Closing Date
- Mar 23, 2026
- Loan Amount
- $4,300,000,000
- Loan Type
- Bank
- Loan Purpose
- Construction
- Capital Type
- Senior + Mezzanine
- Asset Type
- Mixed-Use
- Source
- Press release
Property
- Property Name
- One Beverly Hills
- Address
- 9900 Wilshire Blvd
- City, State
- Beverly Hills, CA
- Market
- Los Angeles
Source: view source announcement
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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.