Mack Real Estate Refis Witkoff’s West Hollywood EDITION with $ 230 million loan – Commercial Observer
Witkoff landed a $ 230 million refinancing of its West Hollywood EDITION Hotel and residences, learned Commercial Observer.
Mack mortgage strategies provided the debt in a transaction arranged by Newmark‘s Dustin Stolly and Jordan roeschlaub, co-heads of the debt and structured finance team, with the Senior Managing Director Nick scribani and partner Dan Morin.
“Lenders and investors are fighting to deploy their capital in leading leisure-oriented accommodation assets, which are positioned to capture an outside share of pent-up travel and local demand,” Stolly told CO.
The luxury asset of 190 keys – at 9040 Sunset Boulevard – serves as the flagship property of the EDITION hotel brand on the West Coast.
The West Hollywood EDITION debuted in 2019. It occupies a prime location on the border of Beverly Hills and West Hollywood, and was the chief executive officer of Witkoff. Steven witkoff‘first project undertaken in Los Angeles.
The developer has also made strides in Miami since then. In June, Witkoff – with Capital Monroe – close it $ 94 million acquisition from a 4.7 acre development site to 700 North Miami Avenue in downtown Miami. The site was previously planned to be the long-planned site Marriott Marquis Miami Worldcenter Hotel & Expo Center. MRECS also provided a variable rate loan in this case, while the same Newmark team arranged the debt.
The West Hollywood EDITION funding is one of MRECS ‘largest deals since Kevin cullinan and Priyanka Garg took the reins of the platform in May, following the exit of the investment director Pierre Sotoloff.
At the beginning of last month, it was reported that Douglas elliman had sold out the 20 residences of the West Hollywood EDITION, with platelets being purchased at prices ranging from over $ 4 million to around $ 25 million.
Before the sale of residences, German Bank and South Korean investment bank Mirae Asset Securities (formerly Mirae Asset Daewoo) refinanced both the hotel and the residences with a loan of 300 million dollars in May 2019.
A spokesperson for MRECS did not immediately return a request for comment.
With additional reports from Mack Burke.
Cathy Cunningham can be reached at [email protected].