Android 5.0.0 on Nexus 5 stuck on boot logo

I just recently received the 5.0 update for my Nexus 5 and now my device fails to boot. All that happens is the Google logo gets displayed on the screen and then the device does nothing else. I am able to get into both the bootloader and recovery.

First I tried wiping the cache with no results. Next I did a full factory reset with no results. After that I decided to just flash the factory images directly. Unfortunately this didn't work either. I went back into recovery and discovered that there were a series of error messages displayed in the recovery menu...

E:failed to mount /cache (No such file or directory)
E:Can't mount /cache/recovery/log
E:Can't open /cache/recovery/log
E:failed to mount /cache (No such file or directory)

E:Can't mount /cache/recovery/last_log
E:Can't open /cache/recovery/last_log
E:failed to mount /cache (No such file or directory)
E:Can't mount /cache/recovery/last_install
E:Can't open /cache/recovery/last_install
E:Can't open /dev/block/platform/msm_sdcc.1/by-name/misc
E:failed to mount /cache (No such file or directory)

Also after these messages were displayed I could not wipe the cache or do another factory reset.

Luckily I am able to flash the 4.4.4 factory images and boot the device successfully so my guess is that something might be going wrong with the installation.

Has anyone else encountered similar errors when updating to 5.0?

Thank you in advance for any and all help!