Located in the heart of that of hollywood Entertainment District, the property has a very walking distance, providing immediate access to that of hollywood extensive lifestyle amenities, a multitude of employers and approximately 3.8 million square feet of Class A office space, with an additional 950,000 square feet under construction. The property sits directly across from Academy Square, 350,000 square feet of Class A office space which is 100% leased to Netflix.
Bridge funding was organized by Eric McGlynn, Managing Director in the Capital Markets group of Walker & Dunlop. Leveraging their extensive network of financial partners, Mr. McGlynn’s team identified Square Mile Capital Management, LLC as the ideal lender for the project. The variable rate loan has a four-year term and was used to refinance an existing construction loan.
Mr. McGlynn and his team focused on structuring non-recourse bridging loans, construction loans and equity for larger projects nationwide. Walker & Dunlop has one of the strongest networks in the industry, having organized financings with more than 250 sources of capital in 2020 alone. During the same period, the company completed $ 11.0 billion negotiated loan arrangements.
Mr. McGlynn said: “Rescore has built another top notch modern project and we are pleased to have secured another great loan from Square Mile in a very competitive lending environment. Square Mile also provided a $ 82 million loan to Rescore for their Rise Flagler Village property in Fort Lauderdale, Florida last October.
Rise Hollywood is located on a 2.15-acre site and will consist of five seven-story buildings surrounding an amenity terrace. When completed in spring 2021, the elevated recreation platform will feature an expansive pool and spa, fire pits, barbecue areas, a rooftop terrace with an outdoor cinema screen, and modern floor plans. open concept. 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 will feature nine foot ceilings, balconies with glass railings, kitchens with stainless steel appliances, quartz countertops and tile backsplashes, plank and porcelain floors, air conditioning central and washers and dryers in the unit.
The project is owned and developed by Rescore Property Corp. Rescore is a private REIT managed by Encore Capital Management, manager of three fund vehicles with more than $ 3 billion in assets under management and whose principals are Falcone Art and Tony Avila. Again, based at Boca Raton, Florida, has 20,000 residential units owned and / or under development.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered at Bethesda, Maryland, is one of the largest commercial real estate finance companies in United States. The company offers a full suite of capital solutions for all categories of commercial real estate assets, as well as brokerage services in the sale of investments to owners of multi-family properties. Walker & Dunlop is included in the S&P SmallCap 600 Index and has been ranked among the FORTUNE The magazine’s fastest growing companies in 2014, 2017 and 2018. The more than 1,000 Walker & Dunlop professionals in 41 offices across the country have an unwavering commitment to customer satisfaction.
SOURCE Walker & Dunlop, Inc.