Michael Shvo partnership pays $130M for Beverly Hills development site
Michael Shvo’s buying spree continues.
For the latest, the New York developer and his partners paid $130 million for a Beverly Hills development site.
The team is planning a 300,000 square foot residential and retail complex at 9200 Wilshire Boulevard it said in a statement Wednesday. The seven-story building will have 54 luxury residential units and 6,000 square feet of retail space.
It is a joint venture with Turkish developer Bilgili Group — led by Serdar Biligili — and with Deutsche Finance.
The seller was New Pacific Realty Corp. and the deal pencils out to $422 a square foot.
The acquisition was funded with a $51 million loan from Acore Capital. Lotus Capital Partners brokered the debt.
The deal follows a string of acquisitions made by Shvo and his partners in recent months. In February, Shvo and Bilgili purchased the Raleigh Hotel in Miami from Tommy Hilfiger, paying $103 million for the 83-room Art Deco hotel.
The same week, the partners received the green light to convert 685 Fifth Avenue in Manhattan into a residential condominiums, a deal in which Mandarin Oriental Hotel Group signed on to manage.
Shvo and Bilgili’s joint venture is backed by Bayerische Versorgungskammer, a German pension fund.
Source: The Real Deal