Greystone Commercial Capital and Affinius Capital LLC recently closed a $172 million structured financing for the refinance of Rise Koreatown, a newly constructed mixed-use residential complex in Los Angeles’ Koreatown submarket. The property was developed by Rescore Property Group, an affiliate of Encore Capital Management.
The syndicated funding was provided by Greystone Commercial Capital which specializes in institutional structured commercial mortgage loans including subordinate debt for all major property types. Affinius also contributed to the financing with a $135 million first mortgage senior loan and a $37 million mezzanine loan from pension funds.
Scott Chisholm, President & CIO of Greystone Commercial Capital said: “This bridge loan serves as construction take-out with an option to transition into permanent agency financing upon stabilization.” He added that they were excited to expand their relationship with Affinius while serving their mutual client Rescore together.
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