Michael Shvo partnership pays $130M for Beverly Hills development site

Shvo and his team have made several big bets recently, including a New York luxury resi conversion and a Miami hotel

May.May 08, 2019 07:26 AM
Bilgili Development's Serdar Bilgili and Michael Shvo with a rendering of 9200 Wilshire Boulevard (Credit: Facebook and Getty Images)
Bilgili Development’s Serdar Bilgili and Michael Shvo with a rendering of 9200 Wilshire Boulevard (Credit: Facebook and Getty Images)

Michael Shvo’s buying spree continues.

For the latest, the New York developer and his partners paid $130 million for a Beverly Hills development site.

The team is planning a 300,000 square foot residential and retail complex at 9200 Wilshire Boulevard it said in a statement Wednesday. The seven-story building will have 54 luxury residential units and 6,000 square feet of retail space.

It is a joint venture with Turkish developer Bilgili Group — led by Serdar Biligili — and with Deutsche Finance.

The seller was New Pacific Realty Corp. and the deal pencils out to $422 a square foot.

The acquisition was funded with a $51 million loan from Acore Capital. Lotus Capital Partners brokered the debt.

The deal follows a string of acquisitions made by Shvo and his partners in recent months. In February, Shvo and Bilgili purchased the Raleigh Hotel in Miami from Tommy Hilfiger, paying $103 million for the 83-room Art Deco hotel.

The same week, the partners received the green light to convert 685 Fifth Avenue in Manhattan into a residential condominiums, a deal in which Mandarin Oriental Hotel Group signed on to manage.

Shvo and Bilgili’s joint venture is backed by Bayerische Versorgungskammer, a German pension fund.

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