Rescore Secures $ 138 Million Loan on Rise Resort in Hollywood
Rescore Property Corp. has secured a $ 138 million loan with Square Mile Capital for a soon to be completed apartment complex in Hollywood.
The financing will replace an existing construction development loan dubbed “The Rise” provided by OZK Bank in 2017, according to Commercial Observer.
The development site includes several parcels at 1331 N. Cahuenga Boulevard, at the corner of Fountain Avenue and a few blocks from Sunset Boulevard. Rescore first proposed the 369-unit project in 2015, but work was delayed. It is now almost over.
The apartments are a mix of studios, one and two bedroom units. Square Mile Capital said in a press release that the pre-lease has started and that the developer expects to receive a temporary occupancy certificate “momentarily.”
Rents for studios range from around $ 2,000 to $ 3,000, while one-bedroom rents start at around $ 2,600 and peak at around $ 4,800. Two-bedroom units cost between $ 3,800 and about $ 6,900, according to Apartments.com.
There are also a pair of two-bedroom penthouses, each totaling approximately 2,000 square feet, priced at $ 15,000 per month.
The developers have been optimistic about Hollywood for years. A constant flow of projects, both multi-family and commercial, continues to move forward.
Real Estate Champion in December secure approval for a 269-unit apartment tower at 6220 Yucca Street. Hudson Pacific Properties is working on 500,000 square feet of land expansion from Sunset Gower Studios.
New projects are also underway. BARDAS Investment Group recently rethought an office complex on the corner of Melrose Avenue and Seward Street.