Greystone and Affinius Capital LLC (“Affinius Capital”) announced the closing of a $135.0 million mortgage loan in connection with the refinance of Rise Koreatown, a newly constructed, seven-story, Class A, mixed-use residential complex featuring 363 multifamily residences and 47,417 square feet of retail space situated on a 2.26-acre site in the heart of Koreatown, the most densely populated submarket of Los Angeles. The property was developed by Rescore Property Group, a private REIT and affiliate of Encore Capital Management.
The transaction was closed via a syndicated funding by Greystone Commercial Capital, which originates institutional structured commercial mortgage loans including subordinate debt for all major property types, in partnership with Affinius Capital. The financing was comprised of the $135,000,000 first mortgage senior loan in conjunction with a $37,000,000 mezzanine loan provided by a pension fund.
“The bridge loan serves as a construction take-out and features the option of a Greystone permanent Agency financing upon stabilization,” said Scott Chisholm, President and Chief Investment Officer of Greystone Commercial Capital. “We are excited to both expand our enduring relationship with the Affinius team and, in partnership, serve our mutual client Rescore.”
Affinius Capital Managing Director Tom Burns commented, “I believe Rise Koreatown, which delivered in February 2023, is a high-quality asset that has been well received by the market and is leasing up well. The Koreatown submarket and Los Angeles as a whole have experienced strong rent growth coupled with high occupancy rates. We are pleased to continue our relationship with Rescore.”
