$4.3B financing for One Beverly Hills

BEVERLY HILLS, California – One Beverly Hills, featuring Aman Beverly Hills and The Beverly Hilton, has completed $4.3 billion in financing to complete its mixed-use development. The financing comprises a $2.8 billion senior loan led by J.P. Morgan and a $1.5 billion mezzanine loan from VICI REIT. The developer said the deal is among the largest of its kind in the last decade.

The VICI mezzanine loan represents a $1.05 billion incremental commitment beyond VICI’s existing $450.0 million investment in the project and is the culmination of the first expression of VICI’s previously announced long-term strategic relationship with Cain and Eldridge Industries. The VICI loan has an initial term of four years with one 12-month extension option and will be deployed over the course of the initial term, providing for consistent, monthly capital allocation. VICI intends to fund the investment with cash on hand.

The demand we are seeing from residential buyers and global brands speaks to the rarity of this project, the strength of our hospitality partners and the enduring appeal of the Beverly Hills market.

Jonathan Goldstein

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In connection with this increase in VICI’s participation in the financing of the One Beverly Hills development, Cain, Eldridge Industries, and VICI, which owns Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, have agreed in principle pursuant to a non-binding letter of intent to further their strategic relationship that was first announced in February 2025.

The letter of intent expresses Cain, Eldridge Industries, and VICI’s shared intention to expand their strategic relationship into an Experiential Cross-Capital Venture whereby the three companies will, when suitable, work together to identify, pursue, and potentially participate in the funding of each other’s experiential investment activities in various structures. Accordingly, it is the intention of Cain, Eldridge Industries, and VICI that, upon maturity of the VICI Mezzanine Loan, the companies will seek opportunities to deploy VICI’s returned capital into new experiential investments that meet each company’s investment criteria. Additionally, VICI may from time to time and at its sole election to Cain and Eldridge Industries experiential investment opportunities in which Cain and/or Eldridge Industries may participate.

Spanning 17.5 acres, One Beverly Hills will introduce Aman’s first urban residences, hotel, and members’ club to the West Coast, alongside retail, hospitality, wellness and leisure concepts set within 10 acres of gardens and open space. The development, sponsored by Cain in partnership with Eldridge Industries, will connect the Beverly Hilton and Waldorf Astoria Beverly Hills, as well as provide 1,800 underground parking spaces.

Construction commenced in 2024, with vertical works beginning in autumn 2025 and phased delivery scheduled to commence from 2028. The project is expected to generate approximately $40 billion in local economic activity over 30 years and support more than 2,700 direct construction jobs.

The developers said the closing of the financing follows strong momentum across both residential sales and commercial partnerships, with the first Aman-branded residential tower achieving significant sales, offering residences ranging from 2,550 sq foot two-bedrooms to 25,000 sq foot penthouses with views of the Pacific Ocean, Hollywood Hills, and downtown Los Angeles.

The development has attracted commitments from hospitality and retail brands, including Dolce&Gabbana, expanding their Beverly Hills presence, Casa Tua Cucina, the first West Coast outpost of the acclaimed Italian-market dining concept, and Los Mochis, a 12,000 sq foot indoor-outdoor Mexican-Japanese restaurant featuring Los Angeles’ first fusion omakase.

“This transaction is indicative of the confidence the market has in our vision for One Beverly Hills. We are delighted to be working with J.P. Morgan and VICI, two of the most respected institutions in global real estate and capital markets,” said Jonathan Goldstein, co-founder and CEO of Cain. “The demand we are seeing from residential buyers and global brands speaks to the rarity of this project, the strength of our hospitality partners and the enduring appeal of the Beverly Hills market. Together with our partners and the City of Beverly Hills, we look forward to delivering one of the most exceptional real estate destinations in North America.”