Walker & Dunlop, Inc. announced today that it arranged bridge financing in the amount of $82,000,000 for The Rise Flagler Village, a 348-unit apartment project in Fort Lauderdale, Florida. The 30-story high-rise building opened in April 2020 and represents the newest apartment community in Flagler Village.
Located just north of downtown Fort Lauderdale, the burgeoning Flagler Village submarket has undergone a rapid and successful revival. The walkable community offers a variety of shopping, entertainment, and dining options, as well as the Brightline high-speed train station.
The Rise features state of the art facilities, including an expansive amenity deck with a pool, garden area, clubroom, fitness center, yoga room, dog run, and dog wash station. Individual apartments average 888 square feet in size and offer a variety of floor plans, ranging from studios to three bedrooms. Units feature 9-foot ceilings, balconies with ocean views, as well as premium finishes and appliances. The property also features 4,200 square feet of ground-floor retail and an eight-story parking garage.
The project is owned and was developed by Rescore Property Corp. Rescore is a private REIT managed by Encore Capital Management, which operates three fund vehicles with over $3 billion assets under management and whose principals are Art Falcone and Tony Avila. Based in Boca Raton, Florida, Encore has 20,000 residential units under ownership or development.
The financing was arranged by Walker & Dunlop Managing Director, Eric McGlynn, who identified Square Mile Capital Management, LLC as the ideal capital source. The floating rate loan includes a four-year term, allowing ample time for the property's lease-up. The loan refinanced existing construction debt, which was also provided by Square Mile.
Said Mr. McGlynn, "We are pleased to have arranged another strong financing package for Rescore from our friends at Square Mile, who have continued to show themselves as creative and competitive lenders in the bridge loan space. Rescore has built a first-rate product that stands alone in the Flagler Village submarket." Mr. McGlynn's team has been active in structuring non-recourse bridge loans and construction loans nationwide for apartments and other property types, including a $52,000,000 loan for the same borrower earlier this year in Beaverton, Oregon.
Walker & Dunlop has one of the strongest networks in the industry, having arranged financing with over 250 capital sources in 2019 alone. In that same period, the firm completed $10.4 billion of brokered loan originations. For information about Walker & Dunlop's view on the apartment market, including expert perspectives on markets, leadership, and the road ahead, visit our new Driven by Insight information center.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate finance companies in the United States. The company provides a comprehensive range of capital solutions for all commercial real estate asset classes, as well as investment sales brokerage services to owners of multifamily properties. Walker & Dunlop is included on the S&P SmallCap 600 Index and was ranked as one of FORTUNE Magazine's Fastest Growing Companies in 2014, 2017, and 2018. Walker & Dunlop's 900+ professionals in 40 offices across the nation have an unyielding commitment to client satisfaction.
