David Schwartzman’s Harridge Complex has secured $485 million in construction financing for Crossroads Hollywood, a $1 billion mixed-use development, The Real Deal has reported.
According to property records, Madison Realty Capital provided Harridge with a construction loan to develop studio space and residential apartments along Sunset Boulevard just east of Highland Avenue.
Schwartzman received clearance from the Los Angeles City Council in January for the Crossroads Hollywood development. The loan’s terms were not disclosed. Since 2015, Crossroads Hollywood has been in the works, with plans to include the historic outdoor mall.
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The development will consist of 950 residential apartments, over 300 hotel rooms, and 190,000 square feet of commercial space.
The AIDS Healthcare Foundation sued the City of Los Angeles and the Community Redevelopment Agency in February to stop the project, which it claims will increase traffic and obliterate affordable homes in the region.