Rescore Property scores $100M loan for Hollywood apartments

Rendering of the project at 1331 N. Cahuenga Boulevard
Rendering of the project at 1331 N. Cahuenga Boulevard

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.

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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