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May 28, 2020
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Walnut Creek Res Project Moves Forward with $60 Mil in Construction Money


Florida-based Rescore Property Corp has obtained construction financing in the amount of $59.6 mil for the development of the Rise Walnut Creek apartments in the East Bay city of Walnut Creek. Rescore is a private REIT founded by Arthur Falcone, Tony Avila and Bill Powers, and their local partner, Align Real Estate.

The six-story project will include 10.6k sf of retail space, luxury amenities, and a residential lobby with controlled access to the units. Averaging 754 sf, 20 of the 97 apartment units are designated for short-term rentals. The project will also include two levels of dedicated basement parking.

Rise Walnut Creek benefits from its proximity to San Francisco, one of the nation’s most active multifamily markets with consistently above-average employment rates, sustained rent growth, and high occupancy. The project also enjoys a strategic location at the center of Walnut Creek’s downtown commercial and retail district, which serves as a business and entertainment hub for neighboring towns.

Kevin O’Grady and Eric McGlynn with Walker & Dunlop’s Capital Markets team arranged the financing. Barings LLC provided the senior financing. The nonrecourse loan represented 80% of the total project cost. Rise Walnut Creek is the seventh construction loan that the Walker & Dunlop team has sourced for Rescore’s ‘Rise’ product line, which features contemporary design and innovative amenities. Once complete,

Said McGlynn, “Rise Walnut Creek is a creative project that satisfied the city’s desire for more short-term stay units, which are in very limited supply, as well as Rescore’s desire to deliver luxury residential in the high barrier-to-entry, dynamic downtown Walnut Creek market.”

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