Cain Secures Loan from Vici for One Beverly Hills

Beverly Hills mega mixed-use project One Beverly Hills landed $300 million in mezzanine financing from Vici Properties to help push the 17.5-acre luxury development forward.

Vici is using cash and a draw-down of funds on an existing revolving credit facility for the funding in news first reported by Bloomberg.

New York-based Vici owns multiple properties in the gaming and entertainment space, including casinos, bowling alleys and golf courses. Caesars Palace, The Venetian, MGM Grand and Mandalay Bay are among its properties on the Las Vegas Strip.

One Beverly Hills, which is being developed by Cain International, is slated for completion in late 2027 and is located at 9850, 9876, 9900 and 9988 Wilshire Boulevard.

The upscale project will include the first Aman Hotel on the West Coast, Aman-branded residences and renovated Beverly Hilton, in addition to more than 10 acres of botanical gardens and other open space. Retail and restaurant tenants will also be part of the mix.

The Beverly Hilton and nearby Waldorf Astoria, which will also have connectivity to the project, are partially owned by Eldridge and Cain, according to Bloomberg.

“The industry is evolving, with demand shifting towards developments that blend luxury, hospitality and experience to create enduring destinations—and we believe One Beverly Hills will be one of the most impactful blueprints for the future of real estate,” Cain co-founder and CEO Jonathan Goldstein said in a statement announcing the loan.

The Vici loan is the latest news for a project that’s seen several owners across the years. One Beverly Hills’ land has been owned by Christian and Nick Candy, Carlos Slim and Dalian Wanda Group. Current owners Cain and Eldridge paid $445 million for the property in 2018.

Last year Cain reportedly nabbed $2 billion in financing from a group of lenders led by a $500 million senior loan from JP Morgan, Bloomberg reported at the time. The other lenders involved in the deal were not disclosed.

The financing came about a month after a groundbreaking was held for the project.

—Kari Hamanaka