Rescore Property has secured a $100 million loan from Bank of the Ozarks, paving the way for the construction of its 368-unit Hollywood rental building at 1331 N. Cahuenga Boulevard.
The project, known as the Rise, will comprise high-end apartments as well as retail space and amenities such as a yoga room and dog run.
A fraction of the units will be reserved for moderate-income households, the Commercial Observer reported. The loan was brokered by Kevin O’Grady, Daniel Sheehan, and Eric McGlynn of Walker and Dunlop.
The project was initially planned in early 2015 and construction was slated to begin last year but demolition only finally began at the site a couple of weeks ago, according to Urbanize.
Rescore is partnering with Cal-Coast Development on the project, but is the sole borrower on the loan. [CO] — Cathaleen Chen