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Silver Creek Development Secures $71M Loan From Centennial Bank And Crestline Investors For Sunset Project

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FINANCED
$71,000,000
Jonathan Firestone
Blake Thompson

California

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FINANCED

Silver Creek Development Secures $71M Loan From Centennial Bank And Crestline Investors For Sunset Project

8850 West Sunset Boulevard

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Development Site
Financed
Jonathan Firestone
Blake Thompson
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:Development Site
Transaction Type:Loan

The asset involved in this transaction is a development site located at 8850 West Sunset Boulevard in West Hollywood. The property encompasses a buildable square footage of 366,000 and is part of the highly sought-after Sunset Strip area.

Summary of transaction details:

This loan secures financing for Silver Creek Development's 8550 Sunset project, which involves revitalizing plans for a mixed-use development that includes a five-star hotel, 78 residential apartments, and commercial space anchored by the Viper Room. The loan was necessary to avert a planned foreclosure after a default on prior debt obligations.

Players

Jonathan Firestone
Newmark
Jonathan Firestone
38 deals$10.5B volume(310) 709-4910
BROKER
Blake Thompson
Newmark
Blake Thompson
19 deals$3.4B volume
BROKER
Newmark
Newmark
BROKERAGE
Centennial Bank
Centennial Bank
LENDER
Crestline Investors
Crestline Investors
LENDER
SD
Silver Creek Development
LANDLORD

Details

FINANCED
IMAGE: Franck Ruimy, Jonathan Firestone & Blake Thompson DATE: 07/09/2025 ADDRESS: 8850 West Sunset Boulevard MARKET: West Hollywood ASSET TYPE: Development Site ~ BSF: 366,000 LENDER: Centennial Bank (@My100Bank) & Crestline Investors LANDLORD: Franck Ruimy - Silver Creek Development BROKERS: Jonathan Firestone & Blake Thompson - Newmark (@Newmark) LOAN AMOUNT: $71,000,000 NOTE: Silver Creek Development secured a $71M loan from Centennial Bank and Crestline Investors to rescue its 8550 Sunset project on the Sunset Strip, avoiding a planned foreclosure after defaulting on prior debt. The financing refinances a $70M loan from Cottonwood Group and revives plans for a 366,000 SF mixed-use project including a five-star hotel, 78 apartments, and commercial space anchored by the Viper Room.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$71,000,000.00

Monthly NOI$473,333.33
Monthly Debt Service$448,768.30
Change in Cash Flow$0.00
Refinance Proceeds$0.00