Search
 

Development Sites Find Easy Funding

BEVERLY HILLS, CA—A 36,000-square-foot development in Beverly Hills secures $23 million, another sign that more and more lenders are looking to finance projects in high barrier-to-entry markets.

By Kelsi Maree Borland | Updated on May 11, 2015

BEVERLY HILLS, CA—GPI Cos. has secured a $23.2 million loan for a development site located at 9908 Santa Monica Blvd. in Beverly Hills. The 36,000-square foot raw land site formerly housed the Friar’s Club, but is currently vacant and zoned for retail or office use. The loan has a three-year term with a floating rate and was funded through Cornerstone Real Estate Advisors.

The HFF debt placement team of senior managing director Kevin MacKenzie and associate directors Greg Brown and Jeff Sause secured the funds on behalf of the borrower. The team declined to comment on the transaction or on the market; however, we spoke to David Rifkind, principal and managing director at George Smith Partners and a capital markets expert. He was not involved in this deal, but talked to us about capital markets trends for development projects, explaining that lenders are increasingly looking to fund projects in high barrier-to-entry markets.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2025 ALM Global, LLC. All Rights Reserved.