David Sonnenblick, principal, tells GlobeSt.com that utilizing a debt-type structure to complete the balance of the equity required by the construction lender enables the developer to avoid dilution of equity in the project, which will include 88 apartments and 40,000 sf of office space.
Patrick Brown, executive director of Sonnenblick-Eichner, adds that the "extremely attractive cost of capital of this mezzanine structure" enables the developer to significantly enhance return on equity.
The Crescent, as previously reported on GlobeSt.com, will be the first new apartments to be built in Beverly Hills in 21 years. The combined complex will include 534 parking spots, with 307 designated for commercial use and 227 for residents. Designed by the architectural firm of Van Tilburg, Banvard & Soderbergh of Santa Monica, the complex will include 12 two-story town home units with brownstone exteriors and front-yard gardens along Crescent Boulevard. The other 76 units will be set on top and behind the town homes, built around landscaped courtyards and a central motor court entrance.
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