Newmark Group, Inc. served as the strategic advisor for Cain, the real‑estate asset manager behind the One Beverly Hills mixed‑use development in Los Angeles, and helped secure a $4.3 billion construction loan—$2.8 billion in senior debt from JPMorgan and $1.5 billion in mezzanine debt from VICI Properties. The financing, the largest non‑data‑center construction loan ever issued for a mixed‑use project in the United States, covers a 17.5‑acre site that will host luxury residences, a hotel, and retail space.
The loan package reflects the scale and complexity of the One Beverly Hills project. The senior tranche, backed by JPMorgan, provides the bulk of the capital, while the mezzanine tranche from VICI adds leverage and aligns the interests of the developer with the lender. Together, the $4.3 billion package positions the project as a flagship development in Beverly Hills and underscores the confidence of institutional lenders in Cain’s vision.
Newmark’s role extended beyond capital‑markets strategy to include underwriting support and due‑diligence coordination, all led by Anthony Orso, President of Capital Markets Strategies. Cain’s CEO Jonathan Goldstein noted, "This transaction is indicative of the confidence the market has in our vision for One Beverly Hills." VICI’s CFO David Kieske added, "This significant increase in Vici's participation in the financing of One Beverly Hills reflects our confidence in Cain's experiential placemaking capabilities and the standing of Beverly Hills as one of the world's foremost luxury markets."
The deal reinforces Newmark’s expanding footprint in high‑value development finance. In Q4 2025, the firm reported revenue of $1.001 billion—up 15.3% year‑over‑year—and an adjusted EPS of $0.68, beating estimates. Newmark’s 2026 guidance projects revenue between $3.7 billion and $3.8 billion and an adjusted EPS of $1.82 to $1.92, reflecting confidence in continued double‑digit growth. The One Beverly Hills financing adds a significant fee‑income opportunity and signals Newmark’s ability to secure landmark deals that can drive both immediate revenue and long‑term client relationships.
Investors have focused on broader real‑estate sector weakness and concerns about the impact of artificial intelligence on the industry, which has tempered enthusiasm for the deal. While the financing itself is a milestone, market sentiment remains cautious amid sector‑wide headwinds.
The One Beverly Hills loan demonstrates Newmark’s continued momentum and its capacity to secure large, complex financing for high‑profile developments, positioning the firm as a top‑tier challenger in the commercial‑real‑estate financing arena.
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