Silver Creek Development has secured a $71 million predevelopment loan to advance its mixed-use project at 8850 Sunset Boulevard in West Hollywood, just months after the project faced foreclosure. The Scottsdale-based developer defaulted on a $62 million loan from Cottonwood Group in 2022, with a default recorded on February 12, 2025, and a foreclosure sale scheduled for June 17.
The new financing, provided by Centennial Bank and Crestline Investors and arranged by Newmark’s Jonathan Firestone and Blake Thompson, will cover design and permitting costs for the 11-story, 366,000-square-foot development. The project, designed by Miami-based firm Arquitectonica, will transform a retail strip on the Sunset Strip into a vibrant complex featuring a 90-room five-star hotel, 62 market-rate apartments, 16 affordable housing units, 28,000 square feet of restaurant and bar space, and a reimagined Viper Room music venue with a recording studio and memorabilia exhibit.
“We are delighted to bring forth this distinguished mixed-use project that pairs an unparalleled level of luxury and attention to detail with a historic location on the iconic Sunset Strip,” said Charles Essig, Managing Director at Silver Creek Development. The development will also include a public plaza, a central breezeway, and a rooftop with open-air dining and a pool, enhancing the pedestrian-oriented culture of the Strip.
The project, approved by the West Hollywood City Council in August 2024 after years of community debate, faced significant hurdles, including environmental impact reports and public opposition over traffic and the Viper Room’s historic value. Construction is expected to begin in October 2026 and conclude by June 2029, though no precise start date has been confirmed.
Because 2025 doesn’t suck enough with its ICE raids and worsening fire season. Now this ugly unwanted monster has to crawl out of its grave to threaten local residents again ????