A rendering of Rise Koreatown in Los Angeles.
LOS ANGELES— Rescore Property Corp. has landed construction financing in the amount of $153.75 million for its Rise Koreatown multifamily project off Wilshire Boulevard.
Bethesda, MD-based Walker & Dunlop arranged the financing transaction for the seven-story Class A property. Rescore is a private REIT founded by Arthur Falcone, Tony Avila and Bill Powers based in Boca Raton, FL. The firm's local development partner is Cal-Coast of Los Angeles.
Led by Miami, Florida-based Kevin O'Grady and Eric McGlynn, both managing directors in Walker & Dunlop's Capital Markets group, the team structured both senior and mezzanine financing for the project. They leveraged their broad network of capital providers, identifying Barings LLC as the developer's ideal partner for the non-recourse financing.
Rise Koreatown will consist of 364 luxury studio and one-bedroom apartments averaging 649 square feet, catering directly to the young professional demographic. The property will also feature 52,000 square feet of ground floor retail anchored by Zion Market, a Korean grocery chain.
The project is one of many new developments in the Koreatown area, which is currently experiencing an unprecedented amount of investment activity. In addition to this multifamily offering, several office, retail, and hotel deliveries are scheduled for the coming years, Walker & Dunlop states.
“This project represents another in a series of highly walkable, urban infill communities that is Rescore's focus,” Walker & Dunlop's McGlynn notes. “Barings provided a higher leverage, non-recourse loan which achieved Rescore's objectives.”
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
