Michael Shvo is moving quickly on his plan for a condo project in Beverly Hills.
The New York developer and his partners secured a $190 million construction loan from ACORE Capital for the 54-unit project at 9200 Wilshire Boulevard, sources told The Real Deal.
Shvo and his partners Bilgili Group and Deutsche Finance purchased the shovel-ready development site in May for $130 million from New Pacific Realty with the help of a $51 million loan from ACORE. Lotus Capital Partners brokered both loans.
Beverly Hills-based New Pacific secured approval from the city of Beverly Hills for the condo project in 2017 after trying for a 90-unit apartment building.
The roughly 300,000-square-foot, six-story development will span a city block and include 6,650 square feet of retail space. MVE Architects is designing the project.