Dealmaker: Newmark Lines Up $230M to Refinance Edition West Hollywood Hotel
Newmark, New York, arranged $230 million to refinance the Edition West Hollywood hotel on Sunset Boulevard in Los Angeles.
J.P. Morgan and Mack Real Estate Credit Strategies, both headquartered in New York, provided the financing to sponsor The Witkoff Group, a privately held real estate development and investment firm headquartered in Miami.
The 190-key, Marriott-flagged Class A hotel at 9040 Sunset Boulevard debuted in 2019, along with The Residences at the Edition West Hollywood, which includes 20 residential condominium units.
Newmark Co-Heads of Debt & Structured Finance Dustin Stolly and Jordan Roeschlaub led the debt-placement team along with Senior Managing Director Nick Scribani and Associate Dan Morin.
“Lenders and investors alike are fighting to deploy their capital in top-tier, leisure-focused lodging assets, which are positioned to capture an outsized share of the pent-up travel and local demand,” Stolly said.