Newmark recently arranged a $71-million predevelopment loan on behalf of Silver Creek Development for 8850 Sunset, a mixed-use development on Sunset Strip in West Hollywood. Co-president of Global Debt & Structured Finance Jonathan Firestone and vice chairman Blake Thompson secured the financing.
The financing, provided by Centennial Bank and Crestline Investors, will be used for pre-development activities including design and permitting. Construction commencement is anticipated in the near future, with further details on the project’s offerings to be released soon.
“8850 Sunset is poised to become a transformative mixed-use development, bringing an unparalleled level of sophistication and energy to the Sunset Strip,” said Firestone. “We are proud to have advised Silver Creek Development on securing the resources needed to bring this landmark project to life, and to have partnered with lenders Centennial and Crestline, who share our client’s ambitious vision.”
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