Edited by: JV Staff
The joint venture led by SHVO, Bilgili Group, and Deutsche Finance that owns the property at 9200 Wilshire Boulevard in Beverly Hills has closed on a $190 million construction loan to break ground on the project. The group purchased the residential and retail development site adjacent to the prestigious “Golden Triangle” in May for $130 million. The loan was provided by ACORE Capital, a leading commercial real estate finance company. The financing was arranged by Lotus Capital Partners.
Comprising a full city block, the project is one of the only active new residential developments in Beverly Hills. The sleek mid-rise structure with 54 residences will feature a striking glass exterior and a host of exclusive amenities, including a rooftop pool with views of the surrounding cityscape and mountains. The project will include approximately 6,650 square feet of retail space, wrapping around a central courtyard along Wilshire Boulevard. Residents will enjoy an exclusive living experience in one of the world’s most sought-after neighborhoods.
“This is a rare opportunity to build something unique and exceptional in an irreplaceable Beverly Hills location,” said Michael Shvo, Chairman and CEO of SHVO. “With financing now secured, we look forward to creating an iconic property for residents and visitors in Beverly Hills.”
“This partnership is on a roll and I’m so proud of the work we’ve already done and the great things to come,” said Serdar Bilgili, Chairman of Bilgili Group. “9200 Wilshire is a gem of a property in the heart of Beverly Hills and this project will help continue to realize this area’s potential.”
“This project represents a great achievement for our partnership with SHVO and Bilgili Group and our sophisticated investor base,” said Jason Lucas, Managing Partner of Deutsche Finance America. “With this visionary partnership, 9200 Wilshire and the rest of our portfolio have exciting futures ahead of them.”
The project is led by developer-owners SHVO with Bilgili Group and Deutsche Finance. Investors include Bayerische Versorgungskammer (“BVK”), one of the largest institutional investors in Germany and a top ten pension fund in Europe. The partnership has invested approximately $1 billion of equity in iconic locations over the last 15 months. The group recently purchased the former Coca-Cola Building at 711 Fifth Avenue. Earlier this year, the group purchased the historic Raleigh, Richmond, and South Seas Hotels in Miami Beach. In 2018, the partnership acquired the office portion of 685 Fifth Avenue in Manhattan, which is now being converted into luxury Mandarin Oriental Residences.
SHVO brings an atelier-like experience to real estate development, fueled by a discerning eye for design excellence and a passion for quality in every detail. With more than $5 billion under development, SHVO is dedicated to creating extreme value by bringing innovative concepts to life in premier locations for exclusive clientele. Founded in 2004, SHVO has been involved in the envisioning, planning, sales and marketing of more than $15 billion of prime real estate, spanning more than 80 million square feet. SHVO projects have pioneered innovations that continue to be emulated and set new standards throughout the world. Based in New York City, SHVO was founded in 2004 by Michael Shvo, who remains its Chairman and CEO.
About Bilgili Group
Bilgili Group is a leading real estate focused Turkish conglomerate and BLG Capital is its independently managed private equity real estate arm founded in 2011. BLG Capital’s investment and asset management team has raised and invested more than $500 million equity in Turkey since 2011 and the two firms have over $3 billion of assets under management combined. The firms have a long track record in real estate investments in different asset classes such as hospitality, student housing, city-center mixed-use projects, office, high end residential and other commercial properties. Backed by its institutional investor base, the companies aim to integrate new and unique concepts into the markets they operate in and also execute strategic partnerships with leading global brands such as Marriott, Soho House, The Peninsula, Aman Resorts and Dogus Group. The investment portfolio includes W Istanbul Hotel, Soho House Istanbul, Galataport, The Peninsula Istanbul, and Aman Bodrum among other high end residential and student housing projects. For further information please visit www.bilgiliholding.com.
About Deutsche Finance
Deutsche Finance Group is a global real estate investment management firm established in 2005 and headquartered in Munich with offices in London, Denver, Zurich, and Luxembourg. Deutsche Finance America is a subsidiary company established in 2018 to source, structure and asset manage direct real estate investments in the United States on behalf of Deutsche Finance Group’s institutional client accounts and managed funds. Deutsche Finance America has closed on nine deals totaling more than $1 billion of equity. Additional information can be found at www.dfamerica.com.
About ACORE Capital
ACORE Capital, LP is a commercial real estate finance company focused on originating, acquiring and managing first mortgages, B-notes, mezzanine debt and preferred equity throughout the United States. ACORE, which is an acronym for Alpha Commercial Real Estate, specializes in providing borrowers with customized financing solutions at competitive rates and flexible terms. For investors, ACORE is focused on generating alpha through attractive commercial real estate debt investments coupled with superior risk management. ACORE is led by commercial real estate finance veterans Boyd Fellows, Stew Ward, Chris Tokarski and Warren de Haan. For more information, please visit www.acorecapital.com.