Newmark Secures $71 Million Financing for Ultra-Luxury Mixed-Use Project on Sunset Strip

July 9, 2025 9:00 AM

Newmark announces the company has arranged a $71 million predevelopment loan on behalf of Silver Creek Development for 8850 Sunset, a visionary mixed-use development set to redefine luxury on the iconic Sunset Strip in the heart of West Hollywood. Newmark Co-Presidents of Global Debt & Structured Finance Jonathan Firestone and Vice Chairman Blake Thompson secured the financing.

The financing, provided by Centennial Bank and Crestline Investors, will support the creation of a premier destination combining world-class multifamily residences, a luxury lifestyle hotel, high-street retail and experiential amenities, including the legendary Viper Room, establishing a new benchmark for ultra-luxury urban living in Los Angeles.

“8850 Sunset is poised to become a transformative mixed-use development, bringing an unparalleled level of sophistication and energy to the Sunset Strip,” said Firestone. “We are proud to have advised Silver Creek Development on securing the resources needed to bring this landmark project to life, and to have partnered with lenders Centennial and Crestline, who share our client’s ambitious vision.”

Thompson added, “This transaction underscores the depth of Newmark’s capital markets capabilities and its track record in executing complex, high-value financings for premier projects in top-tier locations.”

The dynamic development will feature high-end finishes, extensive public and private amenities and an architectural presence designed to complement the legendary vibrancy of West Hollywood’s entertainment corridor.

“Silver Creek is eager to proceed with the future development of 8850 Sunset and repositioning of the Viper Room. The live-work-play nature of this project will seamlessly be integrated into the fabric of West Hollywood, and further enhance the Strip’s offering,” said Charles Essig, Managing Director of Silver Creek Development.

The loan proceeds will be used for pre-development activities including design and permitting. Construction commencement is anticipated in the near future, with further details on the project’s offerings to be released soon.

About Silver Creek Development
Silver Creek Development (“SCD”) is a real estate development and investment company specializing in premier mixed-use development projects. Headquartered in Phoenix with offices in Los Angeles and New York, Silver Creek Development’s principals have over 100 years of collective industry experience and have developed more than 10 million square feet of mixed-use projects in top-tier markets across the United States and Europe.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended March 31, 2025, Newmark generated revenues of over $2.8 billion. As of March 31, 2025, Newmark and its business partners together operated from 165 offices with approximately 8,100 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

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