Largest Apartment Project in Beverly Hills Scores Financing

Abraham Assil’s persistence is closer to paying off.

His firm Westland Development Group’s Beverly Hills development site that spent more than a decade in the entitlement pipeline is moving into construction after an $85 million funding injection.

Mar Vista-based Westland Development Group scored construction financing for the 140-unit mixed-use project at 55 North La Cienega Boulevard, Multi-Housing News reported. The four-year loan, provided by an undisclosed national bank, was arranged by Marcus & Millichap. Structured at a 65 percent loan-to-cost ratio, the project’s total is about $130.8 million.

The six-story development, dubbed The55 by designer Kevin Tsai Architecture, will replace a long-vacant restaurant property that Westland acquired in 2014. Plans call for a 297,770-square-foot residential and retail complex with 13,300 square feet of ground-floor commercial space, including retail and restaurant uses. The completed project is expected to become the largest residential property in Beverly Hills, Marcus & Millichap’s Sharone Sabar, who arranged the financing, said.

The project evolved through multiple iterations during the more than 10 years it was in Beverly Hills’ planning process to secure approvals. The proposal grew from earlier concepts that included a hotel to a larger multifamily development. By leveraging state density bonus provisions, the project expanded from 105 units to 140 in exchange for 22 units reserved for low- and moderate-income households. The remainder will target the luxury market. Westside’s plans also include a rooftop pool deck, theater, conference facilities, private workspaces, communal gathering areas, a restaurant, coffee shop, lounge, saunas and a shared kitchen.

The funding arrives as multifamily development remains active across the Los Angeles area. In the 12-month period ending in May 2026, multifamily inventory in Greater Los Angeles rose 1.9 percent, per Yardi Matrix data cited by Multi-Housing News. More than 26,000 apartment units remain under construction across metro Los Angeles, with roughly 11,000 completions projected this year. Affordable housing has proven increasingly popular with developers, with L.A. ranking among the top 10 metros nationwide building income-restricted housing in the post-pandemic era, according to RentCafe.

— Chris Malone Méndez