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

TRD LOS ANGELES /
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.


Related Articles

arrow_forward_ios
Masrour and Mansour Barzani and the two Beverly Hills properties

Beverly Hills mansion buys linked to powerful Kurdish family

Four of the top residential listings this week

Here are the priciest resi listings in LA County last week

Clockwise from top left: 709 N. Arden Drive, 800 Nimes Road, 12921 Marlboro Street, 609 Palisades Beach Road and (center) 924 Bel Air Road

Here are the priciest resi sales in LA County last week

Twin 44-story Century City Plaza Towers

Hines, JPMorgan asset arm nab $1.2B refi on Century City office twin towers

La Mirada industrial building

Clarion pays $77M for La Mirada industrial project

510 Park Avenue and CEO of Monster Beverage Rodney Sacks

Monster Beverage affiliate guzzles down industrial project in San Fernando

Four of the top residential listings in LA this week

Here are the priciest resi listings in LA County last week

Larry King and Shawn Southwick

Larry King is saying “so long” to Beverly Hills Flats mansion

arrow_forward_ios