LOS ANGELES, CA – Walker & Dunlop, Inc. announced that it has arranged a $ 138,000,000 bridge loan to build The Rise Hollywood, a 7-story, 369-unit, mid-range apartment development in Los Angeles, California.
The hotel is located in the heart of Hollywood's entertainment district and has an easily walkable location. It offers direct access to Hollywood's many lifestyle amenities, a variety of employers, and approximately 3.8 million square feet of Class A office space, plus an additional 950,000 square feet under construction. The property is directly across from Academy Square, 350,000 square feet of Class A office space that is 100 percent let to Netflix.
The bridge financing was arranged by Eric McGlynn, General Manager of Walker & Dunlop's Capital Markets group. The McGlynn team leveraged its 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 home 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 brokerage 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 granted Rescore a $ 82 million loan last October for the Rise Flagler Village property in Fort Lauderdale, Florida.
Rise Hollywood sits on 2.15 acres and will include five seven-story buildings surrounding an equipment deck. When completed in spring 2021, the elevated recreation deck will include an expansive pool and spa, fire pits, BBQ areas, a rooftop deck with an outdoor movie screen, and modern open-concept floor plans. The average unit size is 758 square feet and offers a variety of floor plans ranging from studios to two bedrooms. Each of the luxury apartments has three meter high ceilings, balconies with glass railings, kitchens with stainless steel appliances, quartz countertops and tile back walls, plank and porcelain tile floors, central air and a washer and dryer in the unit.
The project is owned by Rescore Property Corp. and was acquired by Rescore Property Corp. developed. Rescore is a private REIT managed by Encore Capital Management, a manager of three fund vehicles with over $ 3 billion in assets under management, commissioned by Art Falcone and Tony Avila. Encore, based in Boca Raton, Fla., Has 20,000 owned and / or under development.
