Beverly Hills' stratospheric property prices keep soaring skyward.
Holliday Fenoglio Fowler (HFF) arranged $12.14 million in acquisition financing for a high-street, vacant retail property at 315-319 North Beverly Drive in Beverly Hills, California.
HFF worked on behalf of the borrower, Sterling Organization, to place a non-recourse, fixed-rate loan at $2,583 per square foot.
315-319 North Beverly Drive is a single-story, 4,700-square-foot property located in the Beverly Hills Golden Triangle on the Rodeo Drive side of North Beverly Drive. North Beverly Drive is one of United States’ most prominent and well-known retail and restaurant destinations.
The HFF debt placement team was led by director Marc Schillinger, senior managing director Chris Drew and associate Ryan Ash.
This transaction comes immediately after HFF’s recent $122 million sale of The House of Bijan on Rodeo Drive, which sold for a record-breaking $19,403 per square foot.
“We are extremely happy with the result of our marketing efforts on behalf of Sterling Organization,” Schillinger said. “Demand for high-street product is at an all-time high.”
Palm Beach, Fla.-based Sterling Organization is a vertically integrated private equity real estate firm that has an established track record of providing exceptional risk-adjusted returns to its partners, in both relative and absolute terms.