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One of the 鈥榣argest privately-funded construction鈥� projects in US secures US$2bn
14 March 2024
UK-based private investment firm Cain International has secured US$2 billion in construction financing for the development of One Beverly Hills, a mixed-use urban project spanning 17.5 acres (7.1 hectares), near Los Angeles, California, US.
A render of One Beverly Hills project in California, US. (Image: Foster + Partners and Kerry Hill Architects)
US-based financial institution JPMorgan included $500 million in financing to the total, said Cain.
The build will work a 10-acre site between two hotels in Beverly Hills, California, and will include open space and botanical garden elements.
A hotel, residences, and members-club are also part of the schematic.
US-based Turner Construction Company will be leading overall site management and will oversee, with Cain and OKO Group, a US real estate investment firm, contracting for the project.
Foster + Partners (UK) and Kerry Hill Architects (Singapore, Australia) provided designs for what Cain said was 鈥渁mong the largest privately funded construction endeavours in the nation.鈥�
Cain anticipated the development could produce approximately $40 billion in total local spending across 30 years and bring more than 2,700 direct construction jobs to the region.
The project broke ground in February 2024.
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