LOS ANGELES, CA – Bradford Allen has partnered with Security Benefit Life Insurance Company to provide $30.0 million in financing for the acquisition and renovation of the Beverly Hills Country Club, a bath and tennis facility located in the Cheviot Hills’ neighborhood of West Los Angeles. The club was purchased by a joint-venture between Meriwether Companies of Boulder, Colorado, and Singerman Real Estate, a Chicago-based investment fund.
The Club is situated on 3.91 acres and is improved with a 34,885 sq. ft. clubhouse, 10 lit tennis courts and an outdoor swimming pool. Ownership plans a series of renovations, which will dramatically improve the exterior appearance, interior, and amenities.
“We provided the sponsors with a complete financing solution and the certainty of execution they needed to acquire the property,” said Joseph Wittrock of the Security Benefit Investment team. “We are excited to see the renovation come together and believe the resulting product will be very special for the members of the Club.”
The financing was originated by Chuck Hoag of Chicago-based Bradford Allen Capital, which has a correspondent lending relationship with Security Benefit.
“Financing for these kinds of assets, similar to golf clubs and marinas can be very challenging. In this case, we had the benefit of Meriwether’s development experience and Singerman’s financial strength combined with an irreplaceable location.” Hoag said. “Our partners at Security Benefit quickly saw the potential in the deal and made a decision to partner with the sponsors and move to close. We had a tight deadline, but we got it done thanks to a total team effort by the lender and sponsors.”
About Bradford Allen Capital
Bradford Allen Capital originates and services permanent, bridge and construction financing in the form of senior-secured commercial debt, mezzanine debt and preferred equity for commercial properties nationwide. The firm is part of Bradford Allen Realty Services, a Chicago-based, national commercial real estate company that provides a full array of brokerage services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate.