(To read more on the debt and equity markets, click here.)
HOLLYWOOD, CA-The developers converting the former Equitable office building at 6253 Hollywood Blvd. into a 60-unit condominium tower have landed $26.35 million in financing from Wrightwood Capital. The 100,000-sf building was originally a 12-story bank office building built in 1929.
The financing is a 24-month term conversion loan that was arranged by Bruce Krall of Cohen Financial's Newport Beach office. Palisades Development Group and Paladin Realty Partners LLC are restoring and converting the property into a project named the Lofts @ Hollywood and Vine.
The Equitable building, where the first floor is leased commercial space but floors two through 12 are unoccupied, occupies one of the region's most storied intersections, the corner of Hollywood Boulevard and Vine Street. In addition to the condominiums, the project will add a restaurant, a lounge and a rooftop deck to the building.
The developers expect to complete the project in early 2007. When GlobeSt.com previously reported on the Lofts @ Hollywood and Vine, Avi Brosh, president of Palisades Development Group, said that the restored Equitable building would be designed with public spaces that resemble those of Hollywood in the 1920s. Among the 1920s touches will be metallic gold ceilings, patterned wallpaper, mirrors and art deco elements like those in vogue when the building first opened.
The restaurant and lounge will take up the first floor, with the second floor to be turned into the office condos. The residential lofts will range from 850 sf to 2,000 sf and will include nine different floor plans.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.