Walker & Dunlop has arranged almost $60 million in construction financing for the development of the Rise Walnut Creek apartments.

Located in Walnut Creek, Calif., the project benefits from its proximity to San Francisco, one of the nation's most active multifamily markets with 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.

Capital Markets Managing Directors Kevin O'Grady and Eric McGlynn led the Walker & Dunlop team, which arranged the financing on behalf of the developer, Florida-based Rescore Property Corp., a private REIT founded by Arthur Falcone, Tony Avila, and Bill Powers, and their local partner, Align Real Estate.

Drawing from their broad network of capital providers, O'Grady and McGlynn identified Barings LLC as the developer's ideal partner for the senior financing. The nonrecourse loan represented 80 percent of the total project cost.

The 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, the six-story building will include 10,577 square-feet of retail space, luxury amenities, and a residential lobby with controlled access to the units. Averaging 754 square feet, 20 of the 97 apartment units are designated for short-term rentals. The project will also include two levels of dedicated basement

Based in Miami, Florida, O'Grady and McGlynn have been active in structuring nonrecourse construction loans nationwide for apartments, condominiums, hotels and mixed-use properties.

Walker & Dunlop is a leader in the multifamily space; the firm ranked No. 2 with Fannie Mae for multifamily lending in 2018 and was also ranked as a top-five multifamily lender with Freddie Mac and the Department of Housing and Urban Development.

MedCore Partners and Trinity Private Equity Group, have closed on a 409-unit assisted living and memory care portfolio in Arizona and Utah.

With an acquisition cost of approximately $98 million, this transaction represents the first tranche of a $130 million portfolio acquisition of five properties and 531 units. The fifth property is under construction, and MedCore is slated to close on this community in May.

The communities involved in this initial acquisition include three assisted living and memory care assets in Arizona: Caliche Senior Living in Casa Grande with 105 units, Joshua Springs Senior Living in Bullhead City with 104 units, and White Cliffs Senior Living in Kingman with 103 units. In addition, the 97-unit Summit Senior Living in Kearns, Utah, completes the first tranche of the portfolio acquisition.

Situated in strategic markets with healthy demand and defined barriers to entry, the assets are on a strong lease-up trajectory toward stabilization.

The projects are being managed by Watermark Retirement Communities, a national leader in senior living design, programs and operations. Based in Tucson, Arizona, Watermark has substantial knowledge in the Arizona and Utah markets, and in total, Watermark owns or operates 56 communities in 21 states around the country.

SunTrust Bank provided the loan for the acquisition. “This group of assets is highly complementary to SunTrust’s strategic real estate underwriting objectives,” said Randall Loggins, senior vice president of SunTrust’s Aging Services practice.

Mill Creek Residential broke ground on the Modera Founders Row, a mixed-use lifestyle center that will feature luxury apartment homes and 90,000 square feet of retail space in metropolitan Washington, D.C. The apartments at Founders Row will consist of studio, 1- and 2-bedroom apartment homes with an average size of 940 square feet.

Mill Creek Residential has announced that Studio Movie Grill and City Works Eatery & Pour House will be among the retail components of Founders Row, which will occupy approximately 4.5 acres at the intersection of West Broad Street and North West Street. Modera Founders Row will serve as the market-rate apartment community portion of the development and will include 322 apartment homes. An additional community featuring 72 apartment homes will be dedicated to age-restricted living for individuals 55 years and older.

A formal groundbreaking ceremony is scheduled for Monday, March 4, 2019. First homes and initial retail at the destination community are projected to open in summer 2021.

"We're thrilled to break ground on Founders Row, which will offer a wholly unique experience to the City of Falls Church when complete," said Joe Muffler, managing director of development for Mill Creek Residential. "The combination of vibrant retailers, luxury apartment homes and a prime location will create a true destination community."

As the anchor of the retail space, Studio Movie Grill features eight movie screens, custom luxury recliners, laser projectors, studio-extreme large format auditoriums and Q-SYS sound systems for the ultimate blockbuster experience. The theater will occupy 32,000 square feet of retail space. City Works, which features more than 90 beers on tap and an enthusiastic upscale sports bar atmosphere, will occupy 7,500 square feet of the retail space.

"We're excited for the addition of these retailers, each of which represents the type of high-energy establishment that will provide enormous appeal to residents and visitors alike," said Sean Caldwell, executive managing director of the Mid-Atlantic and Northeast for Mill Creek Residential. "Studio Movie Grill provides an entirely unique cinematic experience and the active vibe of City Works will undoubtedly complement the atmosphere we're aiming to cultivate at Founders Row."

Founders Row, which is being developed in conjunction with CrossHarbor Capital Partners, Lighthouse Real Estate Investments, and PNC Financial Services, is located in Falls Church, Va., which sits roughly 10 miles west of Washington, D.C. The city features a thriving school system and an active arts and culture sector, including the Falls Church Farmers Market.

Apartment interiors will feature wood plank-style flooring, nine-foot ceilings, moveable kitchen islands, stainless steel Energy Star appliances, quartz countertops, extra-large capacity stacked washers and dryers, built-in storage and shelves, and USB ports. Select homes will have balconies and upgraded finishes, including wine refrigerators, towel warmers, and backlit bathroom mirrors. Residents will also have access to additional storage and bike lockers.

"Founders Row will be an exciting addition to our community," Falls Church Mayor David Tartersaid. "Having a movie theater that most of the City of Falls Church can walk to will further our commitment to make the city a vibrant, walkable destination for residents and visitors from Fairfax, Arlington and beyond."