BEAVERTON, OR – Walker & Dunlop, Inc. announced that it arranged bridge financing in the amount of $51,884,493 for The Rise Central, a newly built, 230-unit apartment project in downtown Beaverton, Oregon.
The Rise Central is located in a burgeoning business district less than ten miles from downtown Portland, Oregon. Featuring brilliant walkability and proximity to the Central MAX light-rail station, the property has unparalleled access to nearby amenities and major employers including Nike’s World Headquarters and Intel’s Hillsboro campus. Additionally, the nearby Beaverton Town Square and Cedar Hills Crossing retail centers provide lifestyle amenities within walking distance.
The Walker & Dunlop team was led by Managing Director Eric McGlynn, who has extensive experience in structuring nonrecourse bridge loans and construction loans nationwide for apartments and other property types, including build-for-rent single-family projects. To complete the transaction, McGlynn worked closely with Ryan Welch and Brian Cornellof JCR Capital, an alternative investment manager and wholly owned affiliate of Walker & Dunlop, based in Denver, Colorado. The floating rate loan includes a two-year initial term plus a one-year extension option and will provide the owners with sufficient time to complete leasing the property, which was 82 percent leased at close. The loan was bifurcated into a senior loan from JCR Capital and a mezzanine loan provided by a third-party partner.
Said Mr. McGlynn, “It was a pleasure working with the JCR team to complete this complex financing for one of our largest clients, Rescore. During the pandemic, the bridge lending market has become quite fragmented. After marketing the transaction to several lenders, we found JCR to have the most competitive combination of loan proceeds and pricing. They reacted very quickly and were flexible in structuring the transaction.”
The Rise Central consists of two buildings with five and six tales respectively, and contains a mix of studio, one-, and two-bedroom units averaging 754 square feet. Community amenities include a rooftop terrace, 3,000 square-foot fitness center, a penthouse lounge, bike storage, and garage parking with electric vehicle charging stations. Units feature nine-foot ceilings, premium fixtures and finishes, oversized windows, and in-unit washers and dryers. Select homes also feature private decks. The ground floor of the property includes approximately 5,800 square feet of retail, which is primarily leased to a retail tenant and restaurant.
The project is owned by Rescore Property Corp and was developed in partnership with local developer Rembold Companies. Rescore is a private REIT managed by Encore Capital Management, manager of three fund vehicles with over $3B AUM and whose principals are Art Falcone and Tony Avila. Encore, based in Boca Raton, Florida, has 20,000 residential units under ownership and/or development.

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WEST DUNDEE, IL – Gardner Capital, a family-owned private equity firm specializing in multifamily housing and renewable energy development and investment, recently completed a brand-new senior living complex in suburban Chicago – located in West Dundee, Illinois. Offering affordable housing and a wealth of amenities, the 61 units at Spring Hill Senior Residences are designed for residents age 55 and up.
The Housing Authority of Elgin served as Gardner Capital’s development partner along with financial partners Fifth Third Bank and Raymond James; the Illinois Housing Development Authority is the permanent lender.
“We’re excited to complete Spring Hill Senior Residences, our first of multiple Projects that will be focused on various suburban markets of the Chicagoland area,” said Michael Gardner, President and CEO of Gardner Capital. “Affordable housing is sought after more than ever and we are proud of our commitment to developing more options for seniors seeking an affordable and well-designed place to live.”
Located at 969 W. Main St. across the street from the Spring Hill Mall, the one- and two-bedroom apartments are close to Route 72 and public transportation. Spring Hill Senior Residences, managed by Seldin, also feature a fitness center, community room, reading area, and full-size washer and dryer in each unit. Powers and Son Construction served as general contractor for the project.

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CARY, NC – Round Hill Capital, a leading global real estate investment, development and asset management firm, on behalf of the US Residential Income and Growth Fund (USRIG), has bought Cortland Cary, formerly Trilogy Cary, a multifamily apartment community located in Cary, North Carolina.
Cortland Cary is the latest acquisition in an ongoing program of investment in the U.S. by Round Hill Capital on behalf of the discretionary USRIG Fund, which targets and delivers access to defensive, garden style U.S. multifamily investments in the Sunbelt region of the U.S. for European institutional investors. USRIG is targeting to grow a significant multifamily housing portfolio, focused on stable, attractive and defensive income-producing assets in areas that will benefit from long-term appreciation.
This acquisition represents a continuation of Round Hill Capital s expansion into the U.S., which started in November 2018 with the acquisition of Cortland North Brookhaven in Atlanta, GA, which continues to perform strongly.
With a long-established international expertise in the multifamily sector, Round Hill Capital serves as investment manager of the USRIG Fund. The community and day-to-day operations of the fund s communities continues to be managed by a preeminent U.S. operating partner and their first-class local management teams.
Rental housing and especially more affordable, well-located multifamily housing assets in lower density U.S. cities in the Sunbelt region have proved to be resilient throughout market cycles. The residential sector features as one of the most defensive real estate asset types despite the uncertainty caused by the pandemic, and the target region is expected to outperform in recovery from the wider economic impacts.
Cortland Cary was completed in 2019. The community comprises 205 moderately priced multifamily units and attractive amenities including co-working spaces, entertainment lounge, fitness centre, yoga studio, a pool, balconies and dog park.
Cortland Cary is exceptionally well positioned in the Raleigh-Durham market with simple access to extensive business, commercial, educational, medical and leisure/entertainment facilities and significant employment hubs, with brilliant road, rail and airport connectivity.
Cary, North Carolina is centrally located between Raleigh and Durham, in the Research Triangle. The market benefits from a diverse and resilient economy, with high concentrations of technology, healthcare/medicine, education and research employment. The largest research park in the U.S., the Research Triangle Park, is located just north of Cortland Cary and is home to over 50,000 jobs and 200 companies. Furthermore, the nearby presence of large well-funded educational institutions such as Duke University, North Carolina State and the University of North Carolina provide a solid base of direct employment, related services, and a consistent flow of research funding from public and private sources. The area is expected to continue to benefit from the region s high demographic and employment in-migration, just as families and individuals seek the higher quality of life often found in lower-density, more affordable amenitized communities. The suburban setting allows residents to live closer to local facilities and high growth employment hubs in the Sunbelt. This migration is continuing to be accelerated by the impacts of the COVID-19 pandemic.
Rob Reiskin, Senior Managing Director, Head of Americas said: Even before COVID-19, there was a growing trend of demographic and employment migration to high growth employment hubs in the South East U.S. This trend has been accelerating since the pandemic, and with the growth of working from home and increasing economic uncertainty, it looks set to continue. We expect that our Cortland Cary investment and USRIG Fund will remain beneficiaries of these trends and we will continue to make further investments in well-located, high quality U.S. multifamily housing assets with our European institutional investors.
Michael Bickford, founder and CEO of Round Hill Capital, commented: We are pleased to offer our European investment partners the opportunity to invest with an experienced and responsible investment manager who is a leader in the U.S. and European accommodation sector with a deep understanding of residential markets, whilst partnering with an exceptional operator to help further drive value for residents and investors alike.

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