Los Angeles’ mid-rise apartment project secures $138 million construction loan

Walker & Dunlop says it has arranged bridge financing in the amount of $138 million for the construction of The Rise Hollywood, a 369-unit 7-story mid-rise apartment project in Los Angeles.

The Rise Hollywood is situated on a 2.15-acre site in Hollywood’s entertainment district and will comprise five seven-story buildings surrounding an amenity deck. Once complete in spring 2021, the elevated recreation deck will include an expansive pool and spa, fire pits, barbecue areas, a rooftop deck with an outdoor movie screen, and modern, open-concept floor plans.

Unit sizes average 758 sq. ft. and offer a variety of floor plans ranging from studios to two bedrooms. Each of the apartments will feature nine-foot ceilings, balconies with glass railings, kitchens with stainless steel appliances, quartz countertops and tile backsplashes, plank and porcelain tile flooring, central air and in-unit washer and dryers.

The project is owned, and was developed by Rescore Property Corp.