Greystone and Affinius Capital announced the closing of a $135 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 comprised the $135 million first mortgage senior loan and a $37 million mezzanine loan provided by a pension fund.
“The bridge loan serves as a construction take-out and features the option of a Greystone permane
