One of the ‘largest privately-funded construction’ 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 “among the largest privately funded construction endeavours in the nation.”
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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