BETHESDA, Md., Nov. 2, 2018 /PRNewswire/ -- Walker &
Dunlop, Inc. announced today that it arranged construction
financing in the amount of $153,750,000 for Rise Koreatown, a
seven-story, Class A multifamily property located just off iconic
Wilshire Boulevard in Los Angeles,
California. The project is being developed by repeat-client
Rescore Property Corp., a private real estate investment trust
founded by Arthur Falcone,
Tony Avila, and Bill Powers that is based in Boca Raton, Florida. Their local development
partner is Los Angeles-based
Cal-Coast.
Rise Koreatown will comprise 364 luxury studio and one-bedroom
apartments averaging 649 square feet, catering directly to the
young professional demographic who desires a luxury product in a
highly walkable urban location. The property will also feature
52,000 square feet of ground floor retail anchored by Zion Market, a Korean grocery chain.
The project is one of many new developments in the Koreatown
area, which is currently experiencing an unprecedented amount of
investment activity. In addition to this multifamily offering,
several office, retail, and hotel deliveries are scheduled for the
coming years. The neighborhood's rise in popularity is thanks to
its centralized location near downtown, proximity to multiple metro
stops, and access to trendy restaurants, businesses, and a
forthcoming museum.
Led by Miami, Florida-based
Kevin O'Grady and Eric McGlynn, both Managing Directors in Walker
& Dunlop's Capital Markets group, the team structured both
senior and mezzanine financing for the project. They leveraged
their broad network of capital providers, identifying Barings LLC
as the developer's ideal partner for the nonrecourse
financing.
O'Grady and McGlynn have been active in structuring nonrecourse
construction loans for apartments and other property types
nationwide. They also focus on identifying providers of equity,
structured debt, and portfolio financing for developers and
value-add owners and operators. Together, they have closed in
excess of $16 billion in debt and
equity transactions.
Said McGlynn, "This project represents another in a series of
highly walkable, urban infill communities that is Rescore's focus.
Barings provided a higher leverage, nonrecourse loan which achieved
Rescore's objectives."
Walker & Dunlop is a leader in the multifamily space and was
ranked the #2 Multifamily Agency lender in 2017 by Commercial
Mortgage Alert. The company's Capital Markets team closed a
record $7.3 billion in total brokered
volume with over 235 different capital providers in 2017, up 75
percent from 2016. To learn more about Walker & Dunlop's
financing capabilities, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE:
WD), headquartered in Bethesda,
Maryland, is one of the largest commercial real estate
services and finance companies in the
United States providing financing and investment
sales to owners of multifamily and commercial properties.
Walker & Dunlop, which is included in the S&P SmallCap 600
Index, has over 650 professionals in 29 offices across the nation
with an unyielding commitment to client satisfaction.
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SOURCE Walker & Dunlop, Inc.