8850 Sunset project moves forward after facing foreclosure
Project includes residences, hotel, retail, and redeveloped Viper Room nightclub.
Loan will fund design and permitting for West Hollywood development.
Two months after facing foreclosure, the developers behind a mixed-use project on Los Angeles' Sunset Strip have received $71 million in fresh financing.
Silver Creek Development is moving forward with 8850 Sunset after the firm defaulted on a loan for the project, WeHo Online first reported in May. In 2022, Cottonwood Group had provided the $62 million loan for 8850 Sunset Blvd. in West Hollywood.
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Now, the developers have secured a new predevelopment loan from Centennial Bank and Crestline Investors. The project will redevelop a strip of retail in West Hollywood into residences, a 90-key boutique hotel, high-street retail, restaurants and both public and private amenities, including a rooftop pool and event space.
On the ground floor, next to the retail and restaurants, the Viper Room nightclub will be razed and redeveloped as an enhanced venue and recording studio with a memorabilia exhibit space.
For the housing portion, Silver Creek plans to bring 62 market rate units and 16 restricted-income units to the Strip, according to the project's website.
Charles Essig, managing director of Silver Creek Development, said in a statement that the firm is 'eager to proceed with the future development' of the project and the repositioning of the Viper Room.
Newmark arranged the predevelopment loan on behalf of Silver Creek, with the firm's Jonathan Firestone and Blake Thompson securing the financing.
The loan will be used for design and permitting costs. A start date for construction has yet to be announced. The architect is Miami-based Arquitectonica.
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