Cain International and OKO Group, which earlier this year secured $2B in financing and broke ground on the One Beverly Hills ultra-luxury resort, now is seeking twice as much debt to meet its project deadline.
The partners are in the market for $5.25B in financing, aiming to complete most of the mega-project in time for the 2028 Olympics in Los Angeles.
The refinancing will replace a $2B loan package originated this year by JPMorgan Chase, and it will finance the construction of one of the most expensive U.S. resort developments at a time when lenders remain cautious about backing CRE developments, Bloomberg reported.
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