Walker & Dunlop arranges $ 82 million bridging loan for multi-family property in Fort Lauderdale
Located just north of downtown Fort Lauderdale, budding Flagler Village The submarket has experienced a rapid and successful revival. The pedestrianized community offers a variety of shopping, entertainment and dining options, as well as the Brightline bullet train station.
The Rise has state-of-the-art facilities, including an expansive pleasure terrace with a swimming pool, garden, club room, fitness center, yoga room, dog park and a washing station for dogs. Individual apartments average 888 square feet and offer a variety of floor plans, ranging from studios to three bedrooms. Units feature 9-foot ceilings, balconies with ocean views, as well as high-end finishes and appliances. The property also includes 4,200 square feet of retail on the ground floor and an eight-story parking garage.
The project is owned and developed by Rescore Property Corp. Rescore is a private REIT managed by Encore Capital Management, which operates three fund vehicles with over $ 3 billion assets under management and whose principals are Falcone Art and Tony avila. Situated at Boca Raton, Florida, Encore has 20,000 residential units either owned or under development.
Funding was arranged by the Managing Director of Walker & Dunlop, Eric McGlynn, who identified Square Mile Capital Management, LLC as the ideal source of capital. The variable rate loan has a term of four years, which leaves enough time for the rental of the property. The loan refinanced existing construction debt, which was also provided by Square Mile.
Mr. McGlynn said: “We are delighted to have organized another strong fundraising program for Rescore from our friends at Square Mile, who have continued to prove themselves as creative and competitive lenders in the bridge loan arena. Rescore has built a top notch product. who is alone in the Flagler Village Mr. McGlynn’s team has been active in structuring non-recourse bridge loans and nationwide construction loans for apartments and other types of properties, including a $ 52,000,000 to lend for the same borrower earlier this year in Beaverton, Oregon.
Walker & Dunlop has one of the strongest networks in the industry, having organized financings with more than 250 sources of capital in 2019 alone. During the same period, the company completed $ 10.4 billion negotiated loan arrangements. For more information on Walker & Dunlop’s perspective on the apartment market, including expert market insights, leadership and the way forward, visit our new Led by the Insight information center.
About Walker & Dunlop
Walker and Dunlop (NYSE: WD), headquartered at Bethesda, Maryland, is one of the largest commercial real estate finance companies in United States. The company provides a full suite of capital solutions for all categories of commercial real estate assets, as well as brokerage services for 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. Walker & Dunlop’s more than 900 professionals in 40 offices across the country have an unwavering commitment to customer satisfaction.
SOURCE Walker & Dunlop, Inc.