San Francisco Property Receives $66.5 Million in Construction Financing Via Walker & Dunlop
Bethesda, Maryland – May 26, 2017
Walker & Dunlop, Inc. (NYSE: WD) (the “Company”) announced today that it arranged $66,500,000 in construction financing for The Rise Market Street, a luxury apartment project located at 1699 Market Street in San Francisco, California. The financing was arranged by Kevin O’Grady, Daniel Sheehan, and Eric McGlynn, all managing directors in the Company’s Miami, Florida Capital Markets group.
The project is being developed by Rescore Property Corp. (“Rescore”), a private real estate investment trust based in Boca Raton, Florida, alongside San Francisco-based local partner Presidio Development Partners, LLC. The loan closed on April 28, 2017 and was provided by Square Mile Capital.
Mr. O’Grady commented, “This marks the third construction loan our team has executed for Rescore’s ‘Rise’ product line. The project, being located in a diversified and thriving neighborhood of San Francisco, is a great step for cutting-edge apartment developer, Rescore. We are pleased with the outcome and have thoroughly enjoyed working alongside Square Mile Capital in executing the loan.”
The nine-story, 160-unit project benefits from its strategic location in the rapidly developing UpperMarket/Hayes Valley neighborhood of San Francisco, one of the nation’s most active multifamily markets, exhibited by consistently above-average employment rates, sustained rent growth, and high occupancy. The Rise Market Street appeals to the high-end renter who desires immediate access to urban amenities and is near major employment centers, lucrative technology jobs, mass transit, and animated entertainment and retail destinations. The project will feature eight-foot, eight-inch ceilings, wood flooring, stainless steel appliances, quartz countertops, balconies, and walk-in closets. Amenities will include a roof deck with barbeque area, community garden, club room, and dog run. Additional features include a fitness center and a chef’s kitchen with dining area.
Messrs. O’Grady, Sheehan, and McGlynn have been active in structuring nonrecourse construction loans nationwide for apartments and other property types. The team also focuses on identifying providers of equity, structured debt, and portfolio financing for developers and value-add owners and operators. As a team, they have closed in excess of $15 billion of debt and equity transactions throughout their careers.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate services and finance companies in the United States providing financing and investment sales to owners of multifamily and commercial properties. Walker & Dunlop, which is included in the S&P SmallCap 600 Index, has over 600 professionals in 28 offices across the nation with an unyielding commitment to client satisfaction.
Our comprehensive CRE platform offers you both entity-level and property-level finance and advisory services.