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Walker & Dunlop Arranges $52M Bridge Loan for Beaverton MF

"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."

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