Ed Scheetz And Ian Schrager Secure $121 Million Loan From IBorrow For Hotel Redevelopment In West Hollywood

The asset involved in this transaction is a hotel located at 8300 Sunset Boulevard in West Hollywood. The property is currently undergoing redevelopment, transitioning from the former Standard hotel into a Public hotel. This project entails a $121 million construction loan that replaces $87 million in previous loans and aims to facilitate the rebranding of the 139-key property.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $121,000,000
• Lender: Brian Good - iBorrow
• Landlord: Ed Scheetz & Ian Schrager
• Loan Type: Construction
• Loan Terms: three-year

Key individuals in this transaction include Brian Good, representing the lender iBorrow, and the landlords Ed Scheetz and Ian Schrager, who are overseeing the redevelopment efforts. The previous loans were secured prior to the closure of the property in 2021 due to rent hikes, and the new loan supports obtaining necessary permits for the redevelopment project.