Parkview Financial 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 entertainment, finance, and real estate professionals led by Thomas St. John, founder and CEO of the global sports and entertainment accounting firm, with creative direction from eight-time Grammy Award-winning artist Philip Lawrence.
The site’s 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 in a statement. “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.
