FORT LAUDERDALE, FL – Walker & Dunlop has arranged a $ 82 million bridge financing for a 348-unit apartment project in Fort Lauderdale, FL.
Rise Flagler Village represents the newest multi-family community in Flagler Village and opened in April 2020.
The project was developed and owned by the private REIT Rescore Property Corp.
Walker & Dunlop's executive director Eric McGlynn identified and secured Square Mile Capital Management LLC as a source of capital and arranged the financing. The floating-rate loan, which has a term of four years, refinanced existing construction debt, which Square Mile also provided.
The 30-story apartment building has a variety of apartment floor plans, ranging from studios to three bedrooms. The individual residential units of the property are on average 888 square meters. Each unit has three foot ceilings and balconies with ocean views.
The building has state-of-the-art facilities such as a garden area, a club room, a fitness center, a yoga room, a dog run, a dog washing station and an equipment platform with a pool. The property also has 4,200 square feet of retail space on the ground floor and an eight-story parking garage.
Located north of downtown Fort Lauderdale, the Flagler Village submarket has recently been revitalized with a variety of shopping, entertainment, and dining options.
"We are pleased to have arranged another strong financing package for Rescore from our friends at Square Mile who have continued to be creative and competitive lenders in the bridging loan space," said McGlynn. "Rescore has developed a world-class product that is unique to the Flagler Village submarket."