Art Falcone-led firm lands $172M refi on Koreatown multifamily

Rescore Property Group, an affiliate of Miami developer Art Falcone’s Encore Capital, has secured a $172 million refinancing package on a 363-unit apartment complex in Koreatown. 

Greystone and Affinius Capital — a merger between Square Mile Capital and USAA’s real estate arm — provided a $135 million senior loan on the property, located at 750 South Oxford Avenue, the firms announced on July 17.

Rescore also landed a $37 million mezzanine loan from an unnamed pension fund, according to the release. Affinius, formed earlier this year, declined to comment on when the financing is set to mature and whether it is fixed- or floating-rate.

The new financing replaces a $138 million construction loan from Square Mile Capital, provided in 2021. That loan replaced a $100 million financing package from Bank OZK in 2017. 

Rescore, run by principals Falcone, Tony Avila and Bill Powers, completed the development in February.

Rents at the complex range from $2,700 a month to $3,500 a month, according to the property’s website. The average monthly rent for a one-bedroom apartment in Koreatown is currently around $2,150, according to Zumper. 

Falcone is one of many developers that has laid eyes on Koreatown for projects, given developments in the area benefit from transit-oriented tax incentives, a growing population and its central location.

At 696 South New Hampshire Avenue, Holland Partner Group plans to build a 38-story complex with 375 units. At 550 Shatto Place, Townline and Forme Development are planning a 40-story tower with 367 units. 

Falcone is CEO of Falcone Group in Boca Raton, Florida, which specializes in multifamily and hospitality developments.