LOS ANGELES—A joint venture between Alcion Ventures and Genton Property Group has secured $239 million in construction financing for The Four Seasons Private Residences, a 58-unit condominium project in Beverly Hills, through The Children's Investment Fund Management Limited. Construction financing is limited, especially for luxury condo projects; however, this particular lender has a history of working on boutique luxury condos that target a global audience, like this one. The loan has a three-year term, and the remaining details were not disclosed.
“Construction financing for luxury condominiums is very limited at this time, but the principal at Children's Fund has done a few luxury projects around the world. They really viewed this as one of the best projects in Los Angeles and maybe on the West Coast, and as a result had strong interest in doing this,” Doug Bond, a senior managing director at HFF, tells GlobeSt.com. “We worked with them to put together a structure that worked for everyone. It was a great endorsement because children's has always done the best projects around the world.” Bond along with Dan Cashdan and Mark Wintner secured the funding on behalf of the borrower.
Rather than take the deal to market, Bond says that the capital markets team targeted specific lenders that they thought would be a good fit for the deal. “We talked to a few different lenders, but Children's was definitely one of our high target prospects,” he adds. “Our firm has done other deals with Children's and we knew that this would be a good partnership.”
In addition to the strength of the brand, lenders were also encouraged by several presales of individual units. “We launched this in the Middle East, China and Europe,” Jonathan Genton, GPG founding partner, tells GlobeSt.com. “Our clients are typically looking to live in a global gateway city. We started sales efforts in the fourth quarter of last year, and to date, we have sold $140 million in product and we are currently in negotiations for another $30 million. We are very encouraged by the reception worldwide.”
LOS ANGELES—A joint venture between Alcion Ventures and Genton Property Group has secured $239 million in construction financing for The Four Seasons Private Residences, a 58-unit condominium project in Beverly Hills, through The Children's Investment Fund Management Limited. Construction financing is limited, especially for luxury condo projects; however, this particular lender has a history of working on boutique luxury condos that target a global audience, like this one. The loan has a three-year term, and the remaining details were not disclosed.
“Construction financing for luxury condominiums is very limited at this time, but the principal at Children's Fund has done a few luxury projects around the world. They really viewed this as one of the best projects in Los Angeles and maybe on the West Coast, and as a result had strong interest in doing this,” Doug Bond, a senior managing director at HFF, tells GlobeSt.com. “We worked with them to put together a structure that worked for everyone. It was a great endorsement because children's has always done the best projects around the world.” Bond along with Dan Cashdan and Mark Wintner secured the funding on behalf of the borrower.
Rather than take the deal to market, Bond says that the capital markets team targeted specific lenders that they thought would be a good fit for the deal. “We talked to a few different lenders, but Children's was definitely one of our high target prospects,” he adds. “Our firm has done other deals with Children's and we knew that this would be a good partnership.”
In addition to the strength of the brand, lenders were also encouraged by several presales of individual units. “We launched this in the Middle East, China and Europe,” Jonathan Genton, GPG founding partner, tells GlobeSt.com. “Our clients are typically looking to live in a global gateway city. We started sales efforts in the fourth quarter of last year, and to date, we have sold $140 million in product and we are currently in negotiations for another $30 million. We are very encouraged by the reception worldwide.”
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