Updated Oct 29, 2024
Deutsche Bank And Mirae Asset Provide $300M Loan For Witkoff Group And New Valley Group's Mixed-Use Hotel On Sunset Boulevard In West Hollywood
9040 Sunset Boulevard, West Hollywood, CA, USA
$300,000,000
$77,922/SF
Building Size
3,850 SF
Asset Type
Hotel
Closing
May 21, 2019
About this deal
AI
The Witkoff Group and New Valley Group have secured a loan of $300,000,000 for the mixed-use hotel located at 9040 Sunset Boulevard in West Hollywood. The loan was provided by Deutsche Bank and Mirae Asset.
Summary of transaction details
- Property Type: Mixed-Use Hotel
- Transaction Amount: $300,000,000
- Lender: Deutsche Bank & Mirae Asset
- Landlord: Witkoff Group & New Valley Group
- Brokers: Dustin Stolly, Jordan Roeschlaub, Nick Scribani and Chris Kramer - Newmark Knight
Notable individuals involved in the deal include Dustin Stolly, Jordan Roeschlaub, Nick Scribani, and Chris Kramer from Newmark Knight, who served as brokers representing the parties in the transaction.
Players
West Hollywood Hotel Market Snapshot
Boundary boundary · Hotel · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.05%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93