A Beverly Hills Apartment Project Just Landed $85 Million After a Decade of Waiting: What 140 New Units Mean for Owners

Published July 25, 2026

A developer secured $85 million in construction financing to finally build 140 apartments on La Cienega Boulevard, a decade after buying the site. Here is what new supply like this means for existing owners.

Westland Development Group secured an $85 million construction loan to finally build 140 apartments and 13,000 square feet of retail at 55 N. La Cienega Boulevard in Beverly Hills, a project the developer has been pushing through entitlements since acquiring the site more than a decade ago. For owners here, the story is less about this one building and more about what new supply on this scale does to an already tight Beverly Hills rental market.

The deal in plain terms

Marcus & Millichap Capital Corp arranged the $85 million construction loan for Westland Development Group's mixed use project at 55 N. La Cienega Blvd, according to Bisnow. The loan covers 65 percent of the project's cost and runs on a four year term. MMCC's Sharone Sabar arranged the financing through a national bank. The finished project will total roughly 298,000 square feet, split between 140 residential units and 13,000 square feet of ground floor retail, replacing a commercial site Westland has held since 2014.

That gap between acquisition and financing, more than ten years, is worth sitting with. Bisnow reported the sponsor spent that time navigating entitlement and planning before construction financing came together. That is a normal timeline for ground up development in Beverly Hills, where approvals move slowly and land is scarce, and it is a big part of why new supply here is rare enough to matter when it finally breaks ground.

Why this is a financing story, not a sale

It is worth being precise about what actually happened. This is a construction loan, not a property sale, and there is no cap rate or per unit sale price attached to it because the building does not exist yet. What the loan tells you is that a lender and a national bank underwrote 140 new Beverly Hills apartments as financeable at today's construction costs and rents, which is itself a signal about confidence in this submarket even with the recent run up in borrowing costs.

Why new supply in Beverly Hills is different from most cities

Beverly Hills does not add apartment supply the way looser markets do. The city is small, largely built out, and entitlement heavy, so most of its rental stock is older buildings that have not faced meaningful new competition in years. A single 140 unit project is a real percentage addition to the rental pool in a city this size, concentrated in one submarket along La Cienega.

For owners of older units nearby, new construction usually means two things happening at once. The new building will likely rent at a premium, competing for tenants who want modern amenities and are willing to pay for them, which does not directly compete with a well maintained older unit priced correctly for its condition. At the same time, a new building raises the bar tenants compare everything else against, which is a reason to keep your own unit's condition and amenities current rather than assume Beverly Hills scarcity alone protects your rent roll.

What a decade long entitlement timeline says about the market

The ten plus years between acquisition and this financing is a reminder of how much friction stands between a Beverly Hills site and a finished building. That friction is exactly why existing rental stock in the city holds value. Every year that passes without meaningful new supply is a year where existing owners are not facing fresh competition, and a decade long approval process for one project suggests the pipeline behind it is thin too. If you own here, that scarcity is a real asset, not just a talking point.

What this means if you own here

If you own a rental property in Beverly Hills, this deal is not a reason to change what you are doing today. It is a signal that a new, amenity rich building is coming to the La Cienega corridor in the next few years, and it is worth planning for how your property compares once it delivers. That means keeping unit condition current, understanding what a newer building nearby will likely charge, and not assuming Beverly Hills scarcity does all the work for you indefinitely.

Common questions

Is this a sale I should compare my property's value against?

No. This is a construction loan for a project that has not been built yet, not a sale of an existing building. There is no cap rate or price per unit to compare because the asset does not exist as a rental property yet.

When will these 140 units actually hit the rental market?

Bisnow's reporting covers the financing close, not a construction timeline. Ground up projects of this size typically take a couple of years to build out after financing closes, so this is a medium term supply signal, not an immediate one.

Does new supply in Beverly Hills usually lower rents for existing owners?

Not typically at this scale. A single 140 unit project is meaningful for a city this size but is unlikely to move rents citywide on its own. It mainly affects direct competition for tenants specifically looking for new construction near that corridor.

Should I do anything differently because of this project?

Not urgently, but it is a good prompt to review your unit's condition and amenities against what a newer building nearby will offer once it opens, so your pricing stays realistic when that competition arrives.

Last verified: July 25, 2026. Figures and deal terms are drawn from Bisnow's reporting on the 55 N. La Cienega Blvd financing. This is general information for property owners, not investment or legal advice. Confirm current pricing and terms with a broker or licensed professional before acting.

Kellie

Schofield Properties

323 Richmond Street, El Segundo, CA 90245

Topics: investing, beverly-hills, westside, market-trends

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