Walker & Dunlop Secures $153.7M Construction Financing for Rise Koreatown Multifamily Project in Los Angeles
LOS ANGELES — Walker & Dunlop has arranged $153.7 million in construction financing for Rise Koreatown, a seven-story multifamily property located off Wilshire Boulevard in Los Angeles’ Koreatown submarket. Boca Raton, Fla.-based Rescore Property Corp. is developing the property along with Los Angeles-based Cal-Coast.
Rise Koreatown will feature 364 studio and one-bedroom apartments, averaging 649 square feet, catering to the young professional demographic. The property will also feature 52,000 square feet of ground-floor retail anchored by Zion Market, a Korean grocery chain.
Kevin O’Grady and Eric McGlynn of Walker & Dunlop’s Capital Markets group structured both senior and mezzanine financing for the project.