Developers Angelo Gordon and Townscape Partners landed a $231 million inventory loan on their ultra-luxury West Hollywood condo project, where the first units are expected to open in August.
Deutsche Bank and Starwood Property Trust provided the debt on the development at 8899 Beverly Boulevard, according to Commercial Observer. Deutsche provided the senior mortgage and Starwood the mezzanine portion, according to the report.
The project will have 40 condos and eight separate townhomes, the latter of which are set to open in December. The developers have said they plan to sell the priciest unit for upwards of $100 million — which would be almost triple the price paid for any Los Angeles County condo unit.
The complex includes 22,400 square feet of retail space, an outdoor swimming pool, private garages and a dog park.
To build the 10-story development, Angelo Gordon and Townscape secured $122.5 million in construction financing in 2017 from Bank OZK, records show.
The new loan allows the developers to repay that debt, and gives them breathing room to sell the units over time.
Countywide last month, over 240 condo units were listed at the $1 million and up range. Sellers of uber expensive condos, like Evan Metropoulos’ 7,000-square-foot West Hollywood pad, have struggled to find buyers.
[CO]— Isabella Farr