Rescore Property Corp. Secures $82M Refi for Florida High-Rise
- Oct 28, 2020
Rescore Property Corp., a private REIT managed by Encore Capital Management, has received an $82 million bridge loan for The Rise Flagler Village, a newly constructed 348-unit apartment project in Fort Lauderdale, Fla.
Eric McGlynn, Walker & Dunlop managing director, arranged the financing with capital from Square Mile Capital Management LLC. The floating rate loan includes a four-year term, allowing ample time for the property to lease up. The loan refinanced existing construction debt, which was also provided by Square Mile.
McGlynn’s team has been active in structuring non-recourse bridge loans and construction loans nationwide for apartments and other property types, including a $52 million refinancing in July for a joint venture between Encore Capital Management and Rembold Properties for the lease-up of The Rise Central, a 230-unit community in downtown Beaverton, Ore. That loan, originated by Pensam, provided a three-year note with a variable interest rate and extension options.
Located just north of downtown Fort Lauderdale, the Flagler Village submarket is growing. The walkable community offers a variety of shopping, entertainment and dining options and access to the Brightline high-speed train station. Encore Capital Management broke ground on The Rise Flagler Village in March 2018 and completed it in April 2020. Situated at 405 N.E. Second St., the 30-story property has a full amenity deck with a resort-style pool, elevated gardens, fitness center and lounge area.
Other community amenities include a clubroom, yoga room, dog run and dog wash station. Apartments average 888 square feet and have floorplans ranging from studios to three bedrooms. Units feature 9-foot ceilings, balconies with ocean views, premium finishes and appliances. The property also has 4,200 square feet of ground-floor retail and an eight-story parking garage.
Rescore Property Corp. is a private REIT managed by Encore Capital Management, which operates fund vehicles with more than $3 billion in assets under management by principals Art Falcone and Tony Avila. Based in Boca Raton, Fla., Encore has 20,000 residential units under ownership or development.
Encore launched the luxury brand The Rise in 2017 with The Rise Old Town, an 87-unit property also in the Portland, Ore., suburb of Beaverton. Other properties within the brand include The Rise Plantation Walk, which is part of a $350 million mixed-use project in Plantation, Fla., a few miles west of Fort Lauderdale.
Other apartment communities in The Rise brand include The Rise Hayes Valley in San Francisco and several others in California including The Rise Walnut Creek, The Rise Hollywood and The Rise Koreatown, the latter two both in Los Angeles.