Florida & Gulf Coast CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Walker & Dunlop Secures $82M Bridge Loan for Fort Lauderdale Apartments
Walker & Dunlop has arranged an $82 million bridge loan for The Rise Flagler Village, a 348-unit apartment project in Fort Lauderdale.
Located just north of downtown Fort Lauderdale, the 30-story high-rise building opened in April 2020 and is the newest apartment community in the Flagler Village submarket. Amenities at the property include a pool, garden area, clubroom, fitness center, yoga room, dog run and dog wash station. The property also features 4,200 square feet of ground-floor retail and an eight-story parking garage.
Eric McGlynn of Walker & Dunlop secured the financing on behalf of the borrower, the owner and developer of the project, Rescore Property Corp. The financing was provided by Square Mile Capital Management. The floating rate loan includes a four-year term, allowing time for the property’s lease-up. The loan refinanced existing construction debt, which was also provided by Square Mile.
For comments, questions or concerns, please contact David Cohen
- ◦Financing
