Beverly Hills’ largest resi project lands $85M construction financing
Abraham Assil’s persistence is closer to paying off. His firm Westland Development Group’s Beverly Hills development site that spent more than a decade in the entitlement pipeline is moving into construction after an $85 million funding injection. Mar Vista-based Westland Development Group scored construction financing for the 140-unit mixed-use project at 55 North La Cienega Boulevard, Multi-Housing News reported. The four-year loan, provided by an undisclosed national bank, was arranged by Marcus & Millichap. Structured at a 65 percent loan-to-cost ratio, the project’s total is about $130.8 million. The six-story development, dubbed The55 by designer Kevin Tsai Architecture, will replace […]This article originally appeared on The Real Deal. Click here to read the full story.
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