Rescore Property Corp. Receives $100M in Construction Financing for 368-Unit Apartment Building in Hollywood
LOS ANGELES — Rescore Property Corp. has received a $100 million construction loan to develop The Rise Hollywood, a 368-unit apartment complex in Hollywood. The seven-story community will be located at 1331 N. Cahuenga Blvd.
The units will feature nine-foot ceilings, wood flooring, stainless steel appliances, quartz countertops, balconies and walk-in closets. Community amenities include a pool, fitness center, yoga room, club room and dog run.
The Rise Hollywood is situated near Amoeba Music, Lure Nightclub and the ArcLight Hollywood within the Hollywood Entertainment District.
Kevin O’Grady, Daniel Sheehan and Eric McGlynn of Walker & Dunlop arranged the non-recourse construction loan. Bank of the Ozarks provided the capital.
Boca Raton, Fla.-based Rescore is a private REIT founded by Arthur Falcone, Tony Avila, and Bill Powers. The firm partnered with Los Angeles-based Cal-Coast on this project.
— Nellie Day