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Walker & Dunlop Arranges $154M Construction Financing for Koreatown MF
Rise Koreatown, a seven-story, Class A multifamily property in Los Angeles, received $153.7 million in construction financing. The project is being developed by Boca Raton, FL-based Rescore Property Corp., a private real estate investment trust founded by Arthur Falcone, Tony Avila, and Bill Powers. Their local development partner is Los Angeles-based Cal-Coast.
The development will comprise 364 luxury studio and one-bedroom apartments averaging 649 square feet, catering directly to the young professional demographic who desires a luxury product in a highly-walkable urban location. The property will also feature 52,000 square feet of ground floor retail anchored by Zion Market, a Korean grocery chain.
Walker & Dunlop, Inc.’s Kevin O’Grady and Eric McGlynn 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 nonrecourse financing.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
- ◦Development




