Construction financing has just been issued for a 25-story apartment building planned on the Hollywood Bread Building site on Hollywood’s Young Circle.
The Hollywood Bread Building was demolished last year to make way for the new apartment building.
The new tower will include 362 apartments.
BTI Partners and equity partner Bridge are the developers.
Canadian Imperial Bank of Commerce is the lender.
BTI and Bridge are also planning two larger towers on Young Circle known as B57 North and B57 South.
The two additional towers will rise 35-stories and include over 850 apartments, office, retail, and 1,636 parking spaces.
Attorneys Luis Flores, Michael Denberg and Sophia Rub of Saul Ewing Arnstein & Lehr represented the developer in closing the transaction.
Cushman & Wakefield Equity, Debt & Structured Finance team, including Steve Kohn, Chris Lentz and Chris Moyer, played a key role in identifying CIBC as the ideal capital source.
Hollywood Bread Building, with construction financing:
All three proposed towers: