LOS ANGELES, CA – Walker & Dunlop, Inc. announced that it has arranged a $ 138,000,000 bridging loan to build The Rise Hollywood, a 7-story, 369-unit apartment development in Los Angeles, California Has.
Located in the heart of Hollywood’s entertainment district, the property offers a very walking distance with direct access to Hollywood’s many lifestyle amenities, a wide variety of employers, and approximately 3.8 million square feet of Class A office space, with an additional 950,000 square feet are under construction. The property is directly across from Academy Square, 350,000 square feet of Class A office space that is 100 percent rented to Netflix.
The bridge financing was arranged by Eric McGlynn, Managing Director within the Capital Markets Group of Walker & Dunlop. Mr. McGlynn’s team used their extensive network of capital partners and identified Square Mile Capital Management, LLC as the ideal lender for the project. The variable interest loan has a term of four years and was used to refinance an existing building loan.
Mr. McGlynn and his team have focused on structuring non-recourse bridging loans, construction loans and equity for larger projects across the country. Walker & Dunlop has one of the strongest networks in the industry and has arranged funding with over 250 sources of capital in 2020 alone. During the same period, the company completed $ 11.0 billion in brokered loans.
Mr. McGlynn said, “Rescore has built another world class modern project and we are delighted to have received another great loan from Square Mile in a very competitive credit environment.” Square Mile also provided a $ 82 million loan to Rescore last October for the Rise Flagler Village property in Fort Lauderdale, Florida.
The Rise Hollywood sits on 2.15 acres and will consist of five seven story buildings surrounding an amenity deck. When completed in spring 2021, the elevated recreation deck will include an expansive pool and spa, fire pits, BBQ areas, a rooftop terrace with an outdoor cinema screen, and modern, open floor plans. Units average 758 square feet and offer a variety of floor plans ranging from studios to two bedrooms. Each of the luxury apartments will have 2.50 meter high ceilings, balconies with glass railings, kitchens with stainless steel appliances, quartz worktops and tile back walls, plank and porcelain stoneware floors, central air conditioning, and washing machines and dryers in the unit.
The project is owned and operated by Rescore Property Corp. developed. Rescore is a private REIT managed by Encore Capital Management, the manager of three fund vehicles with over $ 3 billion in assets under management, and commissioned by Art Falcone and Tony Avila. Encore, based in Boca Raton, Fla., Has 20,000 residential units owned and / or under development.