Commercial real estate capital markets financing provider Marcus and Millichap Capital Corporation has secured 85 million USD in construction financing for a massive mixed-use development in Beverly Hills, California. Located at 55 North La Cienega Boulevard, the finished complex will span 297,771 square feet. Upon completion, the six-story development is anticipated to become the largest residential complex in the history of Beverly Hills.

Sharone Sabar, Executive Managing Director at the Encino branch of Marcus and Millichap Capital Corporation, arranged the capital from a national banking institution on behalf of a private investor. The financial agreement is structured as a four-year construction loan at 65 per cent loan-to-cost. The sponsor initially purchased the commercial site in October 2014 and spent more than a decade managing the planning and entitlement processes for the project.

“Securing financing for a project of this scale and complexity in Beverly Hills reflects not only the strength and vision of the sponsorship team, but also lender confidence in the long-term fundamentals of the market,” said Sabar. “This development has been years in the making and will deliver much-needed housing, vibrant retail offerings, and an exceptional living experience in one of the most prestigious residential markets in the country. Upon completion, it is expected to be the largest residential complex in Beverly Hills’ history, creating a transformative addition to the city’s landscape.”

The project will convert the long-held commercial property into 140 luxury multifamily homes alongside 13,303 square feet of ground-floor retail space. The residential allocation includes 11 units reserved for low-income households and another 11 units designated for moderate-income families. Situated along the La Cienega corridor, the development is positioned close to Santa Monica Boulevard, The Grove and the Beverly Hills Golden Triangle.

“The project will transform a long-held commercial site into 140 luxury multifamily residences and 13,303 square feet of ground-floor retail in one of Southern California’s most sought-after and supply-constrained markets. The sponsor acquired the property in October 2014 and spent more than a decade navigating the entitlement and planning process to bring the project to fruition,” Sabar added.

Plans for the complex incorporate a three-level underground parking facility containing 177 spaces, shared community gathering zones and an extensive suite of amenities. Future residents will have access to private workspaces, conference facilities, a theater, a recreation lounge, a communal kitchen and a rooftop deck equipped with a resort-style swimming pool, a restaurant, a bar and a coffee shop. The wellness facilities will feature both wet and dry saunas.

“As capital markets continue to favor clarity of execution and long-term value, transactions like this underscore the importance of patience, sponsorship quality, and strong lender alignment in advancing complex developments in competitive markets,” Sabar concluded.