Cornerstone Real Estate Advisors provided $260 million in construction financing for the West Hollywood EDITION Hotel & Residences, a hotel and condominium development located in West Hollywood, California.
JLL secured the financing on behalf of The Witkoff Group and New Valley, development companies owned by Steve Witkoff and Howard Lorber, respectively.
The EDITION brand is Marriott International and Ian Schrager’s lifestyle hotel concept and West Hollywood EDITION Hotel & Residences marks the brand’s first presence on the West Coast.
Cornerstone Real Estate Advisers launched a significant originations campaign last year, beginning with a whopping $556 million construction loan for a 47-story, 900-ft, 670,000 sq ft office tower set to rise at 425 Park Avenue in New York City — one of the largest deals of the year. In another deal the company placed a $95 million loan backing 45 Broadway in Downtown Manhattan.
Managing Director Dustin Stolly and Senior Vice Presidents Samantha Fisher, Mike Huth and Brett Rosenberg led the JLL team. A press representative for the firm issued the following statements:
“The Witkoff Group and New Valley are some of the most renowned names in the industry, with a track record that speaks for itself.
“Once completed, West Hollywood EDITION Hotel & Residences will stand as an iconic asset.
“Given its programming, brand affiliation, and prime location at Sunset and Doheny, this project is uniquely positioned within the West Hollywood and Beverly Hills submarkets, which are both experiencing strong revenue per available room (RevPAR) growth driven by extremely favorable supply and demand fundamentals.”