Deutsche Bank and Starwood to Provide US $ 231M Loan for Ultra Luxury Project in West Hollywood – Commercial Observer

Angelo Gordon and Townscape partner got a $ 231 million condominium loan for 8899 Beverly, an ultra-luxurious project in the heart of the west side of Los Angeles, Commercial Observer can report for the first time.

Deutsche Bank provided the senior mortgage while Starwood Property Trust A mezzanine loan provided as part of the deal. Cushman & Wakefield‘s Rob Rubano and Keith Padien organized the financing.

Angelo Gordon and Townscape Partners are instrumental in the transaction.

The two partners have also teamed up 8150 Sunset Boulevard, a luxury high-rise multi-family project in West Hollywood that is currently under pre-development.

“We are proud to have been selected by high profile sponsors Angelo Gordon and Townscape Partners to fund 8899 Beverly, Southern California’s premier luxury condominium project.” Troy Miller, a managing director at Starwood Property Trust, told CO.

It was buzzing around Olson Knowledgeable– Designed development is in close proximity 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 individual townhouses along Rosewood Avenue known as Rosewood Houses. It also includes 22,400 square feet of retail space on the first floor on Beverly Boulevard.

The residences are being marketed by a Douglas Elliman Team led by Starbroker Fredrik Eklund.

Tower Residences is currently 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 offer residents unobstructed panoramic views from Beverly Hills, Hollywood Hills, San Gabriel Mountains, and Century City. Also shortly before completion, Rosewood Houses will be delivered by December.

All residents have access to world-class amenities, including an outdoor pool, 2,000 square feet of landscaping, an outdoor fireplace, dog park, private garages, valet parking, and 24-hour concierge staff.

The new development is already causing a lot of excitement. A source who spoke to CO on condition of anonymity described it as “the best condominium project in LA, perhaps in the whole country.”

The property is a “decade-long quest to transform an iconic mid-century modern building into architecturally significant, handcrafted homes, and to create the most extraordinary residential building in Los Angeles,” states the property’s website.

Once at home Los Angeles International Design Center, 8899 Beverly Boulevard was built in 1964. The then nine-story concrete tower was designed by the modernist architect Richard Dorman. It later served as the headquarters of the talent agency International creative management and was known as the ICM building.

Officials from 8899 Beverly and Deutsche Bank did not respond to requests for comment. C&W officials declined to comment.


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