Michael Shvo and partners snag $190M construction loan for Beverly Hills condo project

54-unit project at 9200 Wilshire will span a city block

Los Angeles /
Oct.October 03, 2019 12:34 PM
Bilgili Development’s Serdar Bilgili and Michael Shvo with a rendering of 9200 Wilshire Boulevard (credit: Getty Images and MVE Architects)
Bilgili Development’s Serdar Bilgili and Michael Shvo with a rendering of 9200 Wilshire Boulevard (credit: Getty Images and MVE Architects)

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.


Related Articles

arrow_forward_ios
9600 Wilshire Boulevard (Google Maps, iStock)

Beverly Hills Saks Fifth Avenue hits the auction block

Beverly Hills Saks Fifth Avenue hits the auction block
Michael Shabani of Crown and Russell Russell Gimelstob of Ascendant, and the building (Credit: Google Maps)

Crown Equity partnership sells Rodeo Drive building for $122M

Crown Equity partnership sells Rodeo Drive building for $122M
A rendering of the project (Credit: SKANSKA via Commercial Observer)

Skanska building its first ground-up LA development

Skanska building its first ground-up LA development
Justin Bieber and Hailey Baldwin with 1710 Tropical Avenue (Getty, Redfin)

Bieber and Baldwin list Beverly Hills home

Bieber and Baldwin list Beverly Hills home
Glorya Kaufman and the Hearst estate (Getty, The Agency)

Fortress can proceed with Glorya Kaufman lawsuit: judge

Fortress can proceed with Glorya Kaufman lawsuit: judge
The Beverly Hills office (Credit: Google Maps)

Sam Hakim-led family firm pays $36M for Beverly Hills office

Sam Hakim-led family firm pays $36M for Beverly Hills office
Gene Simmons of Kiss (Credit: Per Ole Hagen/Redferns via Getty Images)

Escape from LA: Kiss’ Gene Simmons lists Beverly Hills mansion

Escape from LA: Kiss’ Gene Simmons lists Beverly Hills mansion
LeBron James and the home at 9955 Beverly Grove Dr. (Credit: Ezra Shaw/Getty Images, and Google Maps)

Closing in on title, LeBron James closes on Beverly Hills mansion

Closing in on title, LeBron James closes on Beverly Hills mansion
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...