Newmark Advises on Record Construction Financing for One Beverly Hills Mixed-Use Development
Newmark has arranged construction financing for One Beverly Hills, a 17.5-acre mixed-use development in Beverly Hills, California, marking what the firm and Real Capital Analytics describe as the largest non-data center construction loan ever secured for a mixed-use project in the United States.
The transaction was completed on behalf of Cain, the real estate asset manager led and co-founded by Jonathan Goldstein, in partnership with Eldridge Industries. The total loan amount and lender identities were not disclosed in the announcement.
Transaction Details and Advisory Team
Newmark Capital Markets Strategies led the assignment, with Anthony Orso serving as the primary advisor. The team also included Vice Chairman Bill Weber, Executive Managing Director Ari Schwartzbard, Managing Director Cliff Welden, Vice Chairman Henry Stimler, and Managing Director Ricky Warner. Retail advisory was provided by Executive Vice Chairman Jay Luchs through Newmark Pacific Inc., while international capital markets support came from Executive Vice Chairman Alex Foshay, Vice Chairman Joe Morris, and Executive Managing Director Frederick Wong. Cain's longstanding relationship with Newmark was facilitated through Tony Gibbon, Managing Partner and Head of London Markets.
"Newmark brought together a highly coordinated, multidisciplinary team across international capital markets, retail, valuation and underwriting," said Jonathan Goldstein, Co-Founder and Chief Executive Officer of Cain. "On a project of this scale, that level of integration is critical, not just to execution but to attracting best-in-class institutional capital. Their ability to align those capabilities and deliver with precision was an important part of getting this financing over the line."
"We were proud to work alongside Cain to structure and advance a truly transformative development," said Orso. "A project of this magnitude requires deep market knowledge, creativity and seamless coordination across capital sources and advisory disciplines."
One Beverly Hills: Project Scope and Components
One Beverly Hills will span 17.5 acres and include residential, hospitality, retail, wellness, and open-space components. The development connects the Beverly Hilton—home of the Golden Globe Awards—and the Waldorf Astoria Beverly Hills. Ten of the 17.5 acres are dedicated to gardens and open space.
The project's residential component includes Aman-branded residences, with units ranging from 2,550-square-foot two-bedroom apartments to 25,000-square-foot penthouses with views of the Pacific Ocean. The hospitality program includes an Aman Beverly Hills hotel and members' club, representing Aman's first urban hotel, residences, and members' club on the West Coast, as well as the refurbished Beverly Hilton. The development has attracted commitments from globally renowned hospitality and retail brands, including Dolce & Gabbana. Construction is currently underway.
The financing closed following significant momentum in residential pre-sales and commercial partnerships. Aman operates at locations globally, including properties adjacent to UNESCO World Heritage Sites such as Venice's Rialto Bridge Museum and Rome's Colosseum.
Market Context
For Newmark, the transaction highlights the firm's capital markets platform across domestic and international channels. The firm's ability to coordinate retail advisory, international capital markets, valuation, and debt placement under a single advisory mandate was cited by Cain's leadership as a key factor in executing the financing.