Deutsche Bank Refis Witkoff West Hollywood Mixed-Use Property With $300M Loan
Witkoff Group and Howard Lorber‘s New Valley Group have landed a $300 million refinance for the West Hollywood Edition Hotel and Residences in West Hollywood, Calif., Commercial Observer can first report.
Deutsche Bank and South Korean investment bank Mirae Asset Daewoo provided the floating rate-financing in a deal arranged by Newmark (NMRK) Knight Frank’s Dustin Stolly, Jordan Roeschlaub, Nick Scribani and Chris Kramer. Officials at NKF confirmed the lenders but declined to confirm the loan amount.
Located at 9040 Sunset Boulevard, the West Hollywood Edition sits in a prime spot on the border of Beverly Hills and West Hollywood and comprises a 190-luxury room lifestyle hotel and 20 luxury residential condominium units. It was Witkoff Group Chairman and CEO Steven Witkoff’s first project undertaken in Los Angeles; the seasoned developer is currently engaging in an ongoing expansion of his business away from his New York stomping grounds.
The mixed-use hotel and condominium operates under the Marriott International brand and features more than 11,000 square feet of meeting space and roughly 16,500 square feet of hotel terrace space. In January, Witkoff officially debuted the luxury condos at the development.
“The premier location and quality of the development adds another top-shelf project to the sterling resume of Witkoff and New Valley,” Roeschlaub said in a prepared statement.
Many of the condos offer private outdoor green space, a rare amenity for the submarket in which the building resides. Amenities for the residences include a private rooftop pool, a private driveway, two dedicated elevators as well as access to all of the hotel’s services.
“The world-class hotel and condo development represents a truly one-of-a-kind experience for visitors and tenants with a trendsetting restaurant, rooftop pool, state-of-the-art fitness center, spa and unobstructed views of Beverly Hills and Downtown L.A.,” Stolly said in prepared remarks.
Witkoff’s western expansion also includes a Marriott Edition-branded resort in Las Vegas that was formally announced in February 2018. The firm is planning a redevelopment of the dormant Fontainebleau, a 60-story resort on the Las Vegas strip, where Witkoff will deploy The Drew Las Vegas, a much-anticipated rebranding that will debut the Edition brand in Las Vegas. The $3 billion project, which was named after his late son Andrew, will feature 4,000 rooms and roughly 500,000 square feet of convention and meeting space.
Witkoff did not immediately respond to an inquiry.