Commercial real estate finance firm Walker & Dunlop has secured a $138 Million bridge loan for the construction of Rise Hollywood, the company announced recently, signaling a key milestone for the incoming 369-unit apartment complex in Hollywood’s Entertainment District.
Rise Hollywood, which is scheduled to be completed this year, will be composed of five seven-story buildings. Apartments sizes will average at 758 square feet, ranging from studios to two-bedroom set-ups.
There will be an elevated deck between the five towers, comprising with a pool and spa, barbecues and an outdoor movie screen.
The project is owned, and was developed by, Rescore Property Corp. Rescore is a private REIT managed by Encore Capital Management, manager of three fund vehicles with over $3 billion in assets under management and whose principals are Art Falcone and Tony Avila. Encore, based in Boca Raton, Florida, has 20,000 residential units under ownership and/or development.
Eric McGlynn, managing director within Walker & Dunlop’s Capital Markets group, arrange the loan. “Rescore has built another first-rate, modern project and we are happy to have secured another great loan from Square Mile amidst a very competitive lending environment,” McGlynn said. Square Mile also provided an $82 million loan to Rescore for their Rise Flagler Village property in Fort Lauderdale, Florida last October.
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