Eldridge Provides Update on Progress at 1 Beverly Hills

NEW YORK--(BUSINESS WIRE)--Eldridge today provided an update on 1 Beverly Hills (“1BH”), a landmark mixed-use development in the heart of Beverly Hills. The update describes significant progress in the project’s construction, commercial development, and financing. It has been posted on the websites of Eldridge and its affiliates Cain (lead developer) and Security Benefit (financing participant).

“1BH is an extraordinary project, and we are proud of the tremendous progress made by Cain and our partners, including Aman,” said Todd Boehly, Chairman and Chief Executive Officer of Eldridge. “We feel it is an appropriate time to provide an update for interested parties, particularly since 1BH has financing provided by Eldridge and Security Benefit, including through Security Benefit’s collateral loan program, as well as substantial third-party financing.”

Mr. Boehly continued, “Our update covers the physical construction, leasing, financing and residential sales, including the recent vote by the Beverly Hills City Council advancing a proposal allowing 1BH residences to be rented for short-term stays. That positive economic development, among others, is addressed in detail in our update. We intend to provide additional updates regarding other affiliated assets financed by Security Benefit. Our next update will be regarding the Delano Hotel in South Beach, Miami, which is now welcoming guests following our obtaining control of this legendary property and renovating it to the standards it deserves.”

Interested parties can access the 1BH Update at eldridge.com/news, cainint.com/news-and-insights/ or securitybenefit.com/investor-relations/documents

About Eldridge

Eldridge manages a diversified set of businesses and investments across Asset Management, Culture & Media, Defense & Security, Infrastructure, Insurance, and Minerals. To learn more, please visit eldridge.com.