Greystone and Affinius Capital LLC closed on a $135 million mortgage loan for Rise Koreatown, a 363-unit community in Los Angeles. Rescore Property Group, a private REIT and affiliate of Encore Capital Management, is the property’s developer and owner.
The first mortgage senior note was in conjunction with a $37 million mezzanine loan provided by a pension fund. Greystone’s President & CIO Scott Chisholm said in prepared remarks that the bridge loan serves as a construction take-out and holds the option of a Greystone permanent Agency financing upon stabilization.
The project received two construction loans totaling $153.7 million from Barings Debt Funds, originated by Walker & Dunlop, according to Yardi Matrix data. Rise Koreatown was completed in February 2023.
The Class-A property comprises 38 affordable units and 47,417 square feet of retail space. The seven-story building incorporates studios and one-bedroom floorplans ranging between 457 and 1,119 square feet. Common-area amenities include a fitness center, a business center, a swimming pool, a spa, a media room, a clubhouse, a rooftop terrace, electric charging stations, controlled access and approximately 791 parking spaces.
Located in Los Angeles’ Koreatown at 750 South Oxford Ave., the property is within a 4-mile radius of Los Angeles City College, Children’s Hospital Los Angeles and Hancock Park.
Greystone recently arranged $287 million in combined construction financing and preferred equity for a 474,000-square-foot mixed-income development comprising 456 units in Brooklyn, N.Y.
