Florida-based Rescore Property Corp. has scored a $100 million construction loan to build a Hollywood high-rise.
Real estate finance company Walker & Dunlop arranged the construction financing in the amount of $100,000,000 for The Rise Hollywood, a 368-unit, 7-story, apartment project located at 1331 North Cahuenga Boulevard in the Hollywood Entertainment District of Los Angeles, California.
The project is being developed by Rescore, a private real estate investment trust founded by Arthur Falcone, Tony Avila, and Bill Powers, based in Boca Raton, Florida, alongside local partner Cal-Coast, based in Los Angeles, California.
The loan closed on March 30, 2017 and was provided by Bank of the Ozarks.
The financing was arranged by Kevin O’Grady, Daniel Sheehan, and Eric McGlynn, all managing directors of the Walk & Dunlop’s Capital Markets group based in Miami, Florida.
O’Grady, Sheehan, and McGlynn have been active in structuring non-recourse construction loans nationwide for property types including multifamily, retail, and hospitality. The team also focuses on identifying providers of equity, structured debt, and portfolio financing for developers and value-add owners and operators. As a team, they have closed in excess of $15 billion of debt and equity transactions throughout their careers.
“We are happy to have executed on another construction loan for Rescore’s Rise’product line in a vibrant and dynamic market of Los Angeles, California,” said O’Grady. “This product is innovative in both contemporary design and amenities as conceived by Rescore, a cutting-edge apartment developer with a national footprint. We are pleased with the outcome and have enjoyed working with Bank of the Ozarks in executing the loan.”
The Rise Hollywood (pictured top) enjoys a prime location in Hollywood and has a Walk Score, which measures the walkability of an address, of 94 out of 100. Designed to appeal to the urban renter who desires immediate access to restaurants, retail, nightlife, and entertainment venues, the apartments will have wood flooring, stainless steel appliances, quartz countertops, balconies, and walk-in closets. Amenities will include a pool, fitness center, yoga room, club room, and dog run.