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Greystone, Affinius Arrange $172M Refi on Koreatown Mixed-Use
Greystone and Affinius Capital LLC closed on a $172-million structured financing in connection with the refinance of Rise Koreatown, a newly constructed, mixed-use residential complex in the Koreatown submarket of Los Angeles. The property was developed by Rescore Property Group, a private REIT and affiliate of Encore Capital Management.
The transaction was closed via a syndicated funding by Greystone Commercial Capital, which originates institutional structured commercial mortgage loans including subordinate debt for all major property types, in partnership with Affinius Capital. The financing included a $135,000,000 first mortgage senior loan in conjunction with a $37,000,000 mezzanine loan provided by a pension fund.
“The bridge loan serves as a construction take-out and features the option of a Greystone permanent agency financing upon stabilization,” said Scott Chisholm, president and CIO of Greystone Commercial Capital. “We are excited to both expand our enduring relationship with the Affinius team and, in partnership, serve our mutual client Rescore.”
- ◦Financing
