HFF secures $23.18 million financing for Beverly Hills development site
IRVINE, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $23.18 million in financing for a 36,000-square-foot development site at 9908 Santa Monica Boulevard in Beverly Hills, California.
HFF worked on behalf of the borrower, GPI Companies in placing the three-year, floating-rate loan with Cornerstone Real Estate Advisers.
The development site is situated on the southwest corner of Santa Monica and Charleville Boulevards across from the Beverly Hilton, the former Robinsons-May department store building and the Peninsula Beverly Hills hotels. Once the site of the Friars Club, the vacant site is currently commercially zoned for office or retail use.
The HFF debt placement team consisted of senior managing director Kevin MacKenzie and associate directors Greg Brown and Jeff Sause.
“HFF was able to identify a lender that understood the specific goals of our client and worked to provide a loan structure that will allow them to execute their business plan,” said Brown.
About GPI Companies
GPI Companies is a full-service commercial real estate investment and operating platform which specializes in the acquisition, development, repositioning, and management of office, retail, multifamily, and mixed-use properties located in the greater Los Angeles area. The Partners of GPI bring more than 100 years of combined experience, delivering over 20 million square feet of award-winning urban projects with a capitalized value in excess of $4 billion.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.