BEVERTON, OR – Walker & Dunlop, Inc. announced that it has arranged a $ 51,884,493 bridge loan for The Rise Central, a newly built 230-unit apartment project in downtown Beaverton, Oregon.
Rise Central is located in an emerging business district less than 10 miles from downtown Portland, Oregon. The hotel offers excellent walkability and proximity to Central MAX train station and unparalleled access to nearby amenities and major employers such as Nike World Headquarters and Intel Hillsboro Campus. In addition, the nearby Beaverton Town Square and Cedar Hills Crossing malls offer lifestyle amenities within walking distance.
The Walker & Dunlop team was led by General Manager Eric McGlynn, who has extensive experience nationally structuring non-recourse bridge and construction loans for homes and other types of property, including single family home projects. To complete the transaction, McGlynn worked closely with Ryan Welch and Brian Cornell of JCR Capital, an alternative investment manager and a wholly owned subsidiary of Walker & Dunlop based in Denver, Colorado. The floating rate loan has an initial term of two years and an option to extend for one year and gives owners ample time to complete the leasing of the property, which was 82 percent rented at the end. The loan has been split into a senior loan from JCR Capital and a mezzanine loan from a third party.
Mr McGlynn said, "It has been a pleasure working with the JCR team to complete this complex financing for one of our largest clients, Rescore. During the pandemic, the bridge loan market has been quite fragmented. After the transaction was marketed to multiple lenders "We found JCR to have the most competitive combination of loan proceeds and pricing. They were very responsive and flexible in structuring the transaction."
Rise Central is made up of two buildings with five and six stories, respectively, and contains a mix of studio, one, and two-bedroom units averaging 754 square feet. Community amenities include a rooftop terrace, 3,000 square foot fitness center, penthouse lounge, bicycle storage room, and garage with charging stations for electric vehicles. The units have three meter high ceilings, high quality fixtures and finishes, oversized windows, and washers and dryers in the unit. Select homes also have private decks. The ground floor of the property includes approximately 5,800 square feet of retail space, which is primarily rented to a retail tenant and a restaurant.
The project is owned by Rescore Property Corp and was developed in collaboration with local developer Rembold Companies. Rescore is a private REIT managed by Encore Capital Management, the manager of three fund vehicles with over $ 3 billion AUM, commissioned by Art Falcone and Tony Avila. Encore, based in Boca Raton, Fla., Has 20,000 owned and / or under development.