Jason Illoulian’s Faring Lands $35M for West Hollywood Project
Development slated to produce a 123-key hotel and a seven-story office building
By Greg Cornfield June 24, 2024 4:40 pm
reprints
A West Hollywood, Calif.-based development firm secured refinancing for a prominent property in its hometown where it plans to build a high-end hotel and office project.
Centennial Bank provided $35 million to Jason Illoulian’s Faring for the planned 400,000-square-foot Robertson Lane — a 123-room luxury hotel and seven-story office with ground-floor retail and a subterranean garage. The plans include the adaptive reuse and rehabilitation of the historic Factory Building.
Priority Capital Advisory announced and arranged the financing on behalf of the borrower.
The project is set to rise on eight contiguous lots spanning nearly 2 acres at 645-681 North Robertson Boulevard, just south of Santa Monica Boulevard near West Hollywood Park and the Pacific Design Center.
“It’s not often you come across development opportunities like this,” Illoulian said in a statement. “This is a generational asset in one of the strongest submarkets of Los Angeles and we are excited that Centennial Bank shares our vision.”
PCA President Zachary Streit arranged the financing.
“This deal illustrates that attractive pre-development land financing can still be found for quality sponsors with a great development vision, well-located property, and a sound business plan,” Streit said.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
