VICI Properties Inc. (NYSE: VICI) announced it has expanded its mezzanine loan for the One Beverly Hills development to $1.5 billion, representing a $1.05 billion increase from its previous $450 million investment in the project.

The expanded financing supports construction of the 17.5-acre luxury mixed-use development in Beverly Hills, which is being developed by Cain and master planned by Foster + Partners. The project will feature Aman Beverly Hills, the hospitality brand's first West Coast hotel, along with Aman-branded residences and club facilities.

The development will also include a refurbishment of The Beverly Hilton and 10 acres of botanical gardens and open space with retail, dining and cultural offerings. Construction began in 2024, with vertical construction scheduled to start in fall 2025 and phased delivery beginning in 2027.

The VICI mezzanine loan carries an initial four-year term with one 12-month extension option and sits behind a $2.8 billion senior loan commitment led by J.P. Morgan. VICI plans to fund the investment with cash on hand, with capital deployed monthly over the initial term.

The companies have also signed a non-binding letter of intent to create an Experiential Cross-Capital Venture that would allow VICI, Cain, and Eldridge Industries to collaborate on identifying and funding experiential investment opportunities.

"This significant increase in VICI's participation in the financing of One Beverly Hills reflects our confidence in Cain's experiential placemaking capabilities," said David Kieske, CFO of VICI Properties.

The information is based on a company press release statement.