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

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:

• Property Type: Development Site
• Transaction Amount: $71,000,000
• Lender: Centennial Bank
• Lender: Crestline Investors
• Landlord: Franck Ruimy - Silver Creek Development
• Brokers: Jonathan Firestone & Blake Thompson - Newmark

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.