Square Mile Lends $138M on Hollywood Multifamily Project
By Andrew Coen February 26, 2021 12:49 pm
reprints
Rescore Property Corp. has landed a new $138 million construction loan for its long-planned Hollywood apartment complex, The Rise.
Square Mile Capital Management originated the loan, according to an announcement from the lender today, which will replace existing construction debt on the Los Angeles asset. As previously reported by Commercial Observer, Bank OZK provided the development financing in 2017.
Walker & Dunlop’s Eric McGlynn negotiated the financing.
Pre-leasing is underway for the newly constructed, 369-unit, multifamily asset, located at 1331 North Cahuenga Blvd., which is two blocks from Santa Monica Boulevard and Sunset Boulevard. The property is nearing completion and expects to receive a temporary certificate of occupancy shortly.
“We are pleased to continue building a strong lending relationship with both Rescore, a best-in-class REIT and development firm, and one of the nation’s most-distinguished, private-equity firms,” Square Mile Capital Principal Tom Burns said in prepared remarks. “The property will benefit from its walkability to the surrounding nightlife, retail and dining options, as well as its convenient proximity to the surrounding employment base led by the continued Netflix expansion in Hollywood.”
Monthly rents for studios range from $2,058 to $2,990; $2,585 to $4,765 for one-bedroom units; and $3,764 to $14,995 for two bedrooms, according to Apartments.com.
Officials for Rescore and Walker & Dunlop did not immediately respond to requests for comment.
