Walker & Dunlop Arranges $82M Bridge Loan For FL Multifamily
The financing from Square Mile Capital Management refinanced existing construction debt for the new 348-unit, The Rise Flagler Village.
FORT LAUDERDALE, FL – Walker & Dunlop has arranged $82 million in bridge financing for a 348-unit apartment project in Fort Lauderdale, FL.
Representing the newest multifamily community in Flagler Village, The Rise Flagler Village opened in April 2020.
The project was developed and is owned by the private REIT, Rescore Property Corp.
Walker & Dunlop’s managing director, Eric McGlynn identified and secured Square Mile Capital Management LLC as the capital source and arranged the financing. The floating rate loan, which includes a four-year term, refinanced existing construction debt, which Square Mile also provided.
The 30-story, high-rise multifamily property features a variety of apartment floorplans, ranging from studios to three-bedrooms. The property’s individual apartment units average 888 square feet. Each unit features nine-foot ceilings and balconies with ocean views.
The building features state-of-the-art facilities, such as a garden area, clubroom, fitness center, yoga room, dog run, dog wash station and an amenity deck with a pool. The property additionally features 4,200 square feet of ground-floor retail and an eight-story parking garage.
Located north of downtown Fort Lauderdale, the Flagler Village submarket has undergone a recent revival with various shopping, entertainment and dining options.
“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,” states McGlynn. “Rescore has built a first-rate product that stands alone in the Flagler Village submarket.”