Walker & Dunlop has arranged $153 million in financing for the development of Rise Koreatown, a 364-unit Class A community in Los Angeles. The project is developed by Rescore Property Corp. in partnership with Cal-Coast. Walker & Dunlop structured both senior and mezzanine financing for the project and identified Barings LLC as the developer’s partner for non-recourse financing. The luxury community is slated for completion by the first quarter of 2021.
Rise Koreatown will be situated at 3525 W. 8th St., just off Wilshire Boulevard, around 4 miles from the city’s downtown. The development will also provide access to the city’s Purple and Red Metro Lines. Additionally, Rise Koreatown is within a 10-minute walk of Koreatown Plaza. The seven-story building will comprise a mixture of studio and one-bedroom units, averaging 649 square feet. The property will also feature 52,000 square feet of retail space, which will be anchored by Zion Market, a Korean grocery chain.
“This project represents another in a series of highly walkable, urban infill communities that is Rescore’s focus. Barings provided a higher leverage, non-recourse loan which achieved Rescore’s objectives,” said Eric McGlynn, managing director at Walker & Dunlop, in prepared remarks.
Earlier this year, Walker & Dunlop structured $54 million in bridge financing for the acquisition of a Jacksonville, Fla., portfolio, comprising five properties.
Image courtesy of Walker & Dunlop