Downtown Beverly Hills locations have secured over $ 300 million in loans

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The Viceroy L’Ermitage has 116 luxurious rooms as well as a rooftop pool and other amenities.

Photo by G CRAWFORD

Two high profile Los Angeles properties – Thea in downtown Metropolis and Viceroy L’Ermitage Beverly Hills – have received more than $ 300 million in initial mortgage loans.

The loans were provided by funds managed by New York-based Apollo Global Management Inc. with an office in Century City.

Thea in Metropolis received an initial $ 250 million mortgage. The recently opened property has 685 luxury apartments and commercial spaces.

The building was originally intended to house condominiums for sale. It’s part of the larger Metropolis project, which includes the 350-room Hotel Indigo, two luxury condominium towers, restaurants, and retail space.

Greenland USA developed the project which is located on 1000 W. 8th St. and includes more than 800 condominiums.

Three different brokerage firms were used to sell the units, starting with Douglas Elliman Real Estate, followed by The Agency and Polaris Pacific.

Greystar Worldwide manages Thea.

The loan for the property is a five-year adjustable rate mortgage that was completed on Nov. 25, according to Apollo Global Management.

To the west, Viceroy L’Ermitage Beverly Hills received an initial $ 56.5 million mortgage with 116 rooms.

EOS Investors bought the hotel at the beginning of the year.

In July, the hotel had a $ 100 million bid for stalking horses but was on its way to auction. The auction was later abandoned and the bidder for Stalking Horses was found to be EOS Investors.

In addition to the hotel rooms, L’Ermitage Beverly Hills also has a rooftop pool and event terrace, a restaurant and bar, as well as a spa and lounge.

It is located at 9291 Burton Way, near the luxury shopping area of ​​Rodeo Drive.

The loan is a five-year adjustable rate mortgage. Apollo Global Management said the money helped finance the acquisition of the property.

In 2016, the hotel underwent a nearly $ 37 million renovation that included updates to guest rooms, the lobby, public areas, and amenities.

Earlier this year, Apollo Global Management granted Silverstein Properties a $ 274.9 million loan to purchase the US Bank Tower at 633 W. 5th St.

Singapore-based OUE Ltd. sold the 70+ story property for $ 430 million, a significant discount from the $ 700 million expected when it was announced last year that the tower would be sold.

OUE annual reports valued the property at $ 650 million last year.

The US Bank Tower is the first LA property for New York-based Silverstein, which owns the World Trade Center.

“This trio of LA loans strengthens Apollo’s confidence in the continued attractiveness of the West Coast’s major gateway cities,” said Scott Weiner, Senior Partner and Global Head of Commercial Real Estate Debt at Apollo Global Management in a statement. “While these transactions span a wide variety of property types, each benefits from strong and experienced sponsors and iconic Los Angeles locations.”

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