Parkview Financial announced today it has provided a $35 million loan to CMNTY Culture for the acquisition financing of a land assemblage situated at the northeast corner of the intersection of Sunset Boulevard and Highland Avenue in the Hollywood district of the City of Los Angeles. CMNTY Culture’s team is made up of seasoned entertainment, finance, and real estate professionals led by Thomas St. John, founder and CEO of the leading global sports and entertainment accounting firm, with creative direction from eight-time Grammy Award-winning artist Philip Lawrence.
The site’s iconic Hollywood location comprises four contiguous parcels totaling 1.88 acres at 1518-1536 N Highland Avenue and 6751-6767 W Sunset Boulevard. One parcel, at 6767 W Sunset was purchased in July 2021 for $9.1 million. Parkview provided the loan to facilitate the acquisition of the three remaining parcels which were recently acquired for $44 million.
Once fully rezoned and entitled, the ownership plans to construct CMNTY Culture Campus, which will include two towers (one 13 stories and one 14 stories) totaling approximately 500,000 square feet of creative office and studio/production space with six subterranean parking levels.
“This loan provided Parkview Financial the opportunity to finance a land assemblage on one of the most visible corners in Hollywood at Sunset and Highland,” said Paul Rahimian, CEO and Founder of Parkview Financial. “Over recent years, media, tech, and entertainment companies have continued to intensify their presence in Hollywood and we believe this well-conceived and architecturally stunning project can be a competitive product offering in this market.”
The four parcels consist of U-shaped land which are currently improved with a strip center, a live performance venue, plant nursery, and two surface parking lots. The plan is to demolish the buildings for the new development.
The project architect is the Los Angeles office of HKS Architects, Inc. Hood Design Studio, based in Oakland, CA has been named the landscape designer.
About Parkview Financial
Parkview Financial is a direct private lender specializing in ground up commercial and residential real estate financing. Through a private real estate debt fund, we provide short-term bridge and construction loans secured by first trust deeds to developers throughout the United States. Since launching the Fund in 2015, Parkview has successfully executed more than $4 billion in financing for multifamily, retail, office, industrial and mixed-use projects with executed loans ranging from $5 million to $300 million.
With offices in Los Angeles, New York, Denver and Atlanta, our firm has grown exponentially since it was founded in 2009 by Paul Rahimian, its CEO. Parkview has earned an unparalleled reputation within the commercial real estate industry as one of the most respected private construction lenders in the nation. This has been accomplished through our proven ability to provide fast, creative financing solutions to borrowers who need more leverage and certainty of execution. Fortified with an experienced team of in-house experts, Parkview is able to be nimble and creative even when it comes to some of the most challenging projects.