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 loan on the development, dubbed “The Rise,” provided by Bank OZK in 2017, according to Commercial Observer.
The development site comprises 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’s now nearing completion.
The apartments are a mix of studio, one- and two-bedroom units. Square Mile Capital said in a press release that pre-leasing has started and that the developer hopes to receive a temporary certificate of occupancy “momentarily.”
Rents for studios range from around $2,000 to $3,000, while one-bedrooms start around $2,600 and top out around $4,800. Two-bedroom units are priced from $3,800 to about $6,900, according to Apartments.com.
There is also a pair of two-bedroom penthouses, each totaling about 2,000 square feet, priced at $15,000 per month.
Developers have been bullish on Hollywood for years. A steady stream of projects, both multifamily and commercial, continue to roll ahead.
Champion Real Estate in December secured approval for a 269-unit apartment tower at 6220 Yucca Street. Hudson Pacific Properties is working on a 500,000-square-foot expansion of Sunset Gower Studios.
New projects are also in the works. BARDAS Investment Group recently redesigned an office complex for the corner of Melrose Avenue and Seward Street.
[CO] — Dennis Lynch