Walker & Dunlop Arranges $52M Bridge Loan for Beaverton MF
Connect Media | Aug. 17, 2020
"Walker & Dunlop arranged bridge financing in the amount of $51,884,493 for The Rise Central, a newly built, 230-unit apartment project in downtown Beaverton. The property is owned by Boca Raton, FL-based Rescore Property Corp and located in a burgeoning business district less than ten miles from downtown Portland.
The floating rate loan includes a two-year initial term plus a one-year extension option and will provide the owners with sufficient time to complete property lease-up, which was 82% leased at close. The loan was bifurcated into a senior loan from JCR Capital and a mezzanine loan provided by a third-party partner.
Walker & Dunlop’s Eric McGlynn handled the transaction, working closely with JCR Capital’s Ryan Welch and Brian Cornell.
The property is near the Central MAX light-rail station, amenities and major employers including Nike and Intel. It is also close to Beaverton Town Square and Cedar Hills Crossing retail centers."View Full Article Here