Rescore Snags $100M for Hollywood Apartments
- May 19, 2017
Rescore Property Corp. has obtained $100 million in construction financing for The Rise Hollywood. The property is a 368-unit, seven-story apartment project at 1331 North Cahuenga Blvd. in the Hollywood neighborhood of Los Angeles.
The property will feature nine-foot ceilings, wood flooring, stainless steel appliances, quartz countertops, balconies and walk-in closets. Common amenities will include a pool, fitness center, yoga room, club room and dog run.
The Rise Hollywood is in the Hollywood Entertainment District, which is a Business Improvement District. It stretches along Hollywood Boulevard from the LaBrea Avenue Gateway on the west to the Hollywood 101 Freeway on the east. The site has a Walk Score of 94 out of 100.
Walker & Dunlop’s Kevin O’Grady, Daniel Sheehan and Eric McGlynn arranged the construction financing. The loan closed in late March and was provided by Bank of the Ozarks.
Rescore is a private real estate investment trust founded by Arthur Falcone, Tony Avila, and Bill Powers, based in Boca Raton, Fla., along with local partner Cal-Coast, based in Los Angeles. Rescore specializes in apartment development nationwide.