Iconic Hollywood Building Site Gives Way to Apartment Units
For more than a decade, the Hollywood Bread Building at 1770 S. Young Circle sat vacant, once a revered structure in Hollywood. BTI Partners bought the property, demolished the aging building and replaced it with 362 residences and 15,407 square feet of ground-floor retail. The newly opened structure is fully leased.
BTI Partners and partner Bridge Investment Group acquired the property in June 2021 for $11 million. A year later, the partners secured $83 million in financing from Canadian Imperial Bank of Commerce to begin construction.
Walgreens will be the building’s first ground-floor retailer. Amenities include a rooftop deck with a pool, Jacuzzi and cabanas; a fitness center; a business center; and co-working spaces overlooking ArtsPark.
Other News
ESJ Pays Nearly $30M for Kannapolis Rental Community
Pickering & Co. Real Estate has offloaded The Bridge of Cabarrus, a 144-unit project the company built in Kannapolis in 2021. ESJ Capital Partners paid $29.5 millon for the apartment complex. The Atlanta Business Chronicle reports Pearlmark provided $19.9 million in financing for the acquisition. Brian Gaswirth, Brad Woolard and Luke Maganas of JLL Capital...
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Why Job Numbers Don’t Tell the Whole Story
The U.S. labor market is sending mixed signals. According to Marcus & Millichap, 162,000 jobs were added in August, with June and July numbers revised upward by a combined 55,000. Approximately 80% of August’s net job gains were primarily in food services, local government and health care. At the same time, hiring remains sluggish, and...
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Avison Young Arranges $115M Fannie Mae DUS loan for Rockrose
Avison Young arranged a $115-million first mortgage loan on behalf of an affiliate of Rockrose Development for the Eagle Lofts Collection, Phase 2, a 301-unit, luxury residential property located at 43-14 Queens St. in Long Island City. The financing was provided by Fannie Mae through Wells Fargo Multifamily Capital as its DUS Lender. Avison Young’s...
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Brokers
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout