Dealmaker: Walker & Dunlop Arranges $52M Bridge Loan

Walker & Dunlop, Bethesda, Md., arranged $51.8 million in bridge financing for The Rise Central, a newly built 230-unit apartment property in downtown Beaverton, Ore.

Private real estate investment trust Rescore Property Corp., Boca Raton, Fla., developed The Rise Central in a business district less than ten miles from downtown Portland with local developer Rembold Cos. It is close to the Central MAX light-rail station and major employers including Nike’s world headquarters and Intel’s Hillsboro campus. The nearby Beaverton Town Square and Cedar Hills Crossing retail centers provide shopping within walking distance.

The Rise Central has two buildings of five and six stories and a mix of studio, one- and two-bedroom units averaging 754 square feet. The ground floor includes 5,800 square feet of retail space primarily leased to a retail tenant and a restaurant. 

Managing Director Eric McGlynn led the Walker & Dunlop team. He worked with JCR Capital Senior Credit Officer Ryan Welch and JCR Senior Director Brian Cornell.

The floating-rate loan included a two-year initial term plus a one-year extension option to give the owners time to finish leasing the property, which was 82 percent leased at closing. The loan was bifurcated into a senior loan from JCR Capital and a mezzanine loan provided by a third-party partner.

McGlynn noted the bridge lending market has become more fragmented during the pandemic.