Angelo Gordon and Urban landscape partners sealed a $ 231 million condo inventory loan for 8899 Beverly, an ultra-luxurious project in the heart of Los Angeles’ Westside, may first report Commercial Observer.
German Bank provided the first mortgage, while Starwood Real Estate Trust provided a mezzanine loan as part of the transaction. Cushman and Wakefield‘s Rob rubano and Keith padien organized the funding.
Angelo Gordon and Townscape Partners have significant equity in the business.
The two partners have also joined forces on 8150 Sunset Boulevard, a luxury high-rise multi-family project in West Hollywood that is currently in pre-development.
“We are proud to have been chosen by leading sponsors Angelo Gordon and Townscape Partners to fund 8899 Beverly, the preeminent luxury condominium project in Southern California” Troy miller, managing director of Starwood Property Trust, told CO.
The buzz on Olson Kundig-the designed development is located close to Beverly Hills, Rodeo Drive, Melrose Avenue and the Sunset Strip. It comprises 48 luxury residences: a ten-story, 40-unit tower known as Tower Residences and eight detached townhouses located along Rosewood Avenue, known as Rosewood Houses. It also includes 22,400 square feet of retail space on the ground floor on Beverly Boulevard.
The residences are marketed by a Douglas elliman team led by featured broker Fredrik eklund.
Tower Residences is now in the final stages of construction and is expected to be delivered in August. When completed, it will be the tallest residential building in the area and will provide residents with stunning panoramic views of Beverly Hills, the Hollywood Hills, the San Gabriel Mountains and Century City. Also nearing completion, Rosewood Houses will be delivered by December.
All residents will have access to top-notch amenities, including an outdoor swimming pool, 2,000 square feet of gardens and landscaping, an outdoor fireplace, a dog park, private garages, valet parking, and staff. 24 hour concierge.
There is already great enthusiasm for the new development. A source, who spoke to CO on condition of anonymity, described it as “the best condo project in Los Angeles, possibly in the country.”
The property is a “decade-long pursuit to transform an iconic mid-century modern building into architecturally significant artisan homes and to create Los Angeles’ most extraordinary residential building,” according to the property’s website.
Once home at Los Angeles International Design Center, 8899 Beverly Boulevard was built in 1964. The nine-story concrete tower was designed by Modernist architect Richard Dorman. It later served as the headquarters of the talent agency Management of international creation and was known as the ICM building.
Officials at 8899 Beverly and Deutsche Bank did not respond to requests for comment. C&W officials declined to comment.