Fort Lauderdale-Area Mixed-Use Project Lands $121M in Financing
- Jun 13, 2019
Rescore Property Corp. has received $121.3 million in construction financing to develop the next phase of Plantation Walk, a mixed-use development in Plantation, Fla., which will include 134,326 square feet of retail space and 404 multifamily units. Walker & Dunlop arranged the financing through Pacific Western Bank.
“Plantation Walk is a mixed-use project that provides luxury rental apartments and walkable retail, creating a true walkable neighborhood that is unique in the Plantation submarket,” Eric McGlynn, managing director at Walker & Dunlop, told Commercial Property Executive. “The developer is very experienced and financeable.”
Originally a fashion mall, when finished, Plantation Walk will include 700 luxury residential rental units, 160,000 square feet of office space and 190,000 square feet of retail space.
“Rescore develops urban apartments amenitized by walkable retail in growth markets—this project is a great example of that philosophy,” McGlynn said. “The Plantation market has seen very good performance in the apartment sector as a less costly suburb than neighboring Ft. Lauderdale; the loan size was also large, which got the attention of many lenders.”
The development is situated in central Plantation, located near the intersection of Broward and University boulevards. Plantation is the third-largest submarket in Florida’s Broward County and is highly regarded for its top-tier workforce.
“The location is also very central for Broward County, meaning people will live here who work in Plantation itself, as well as the surrounding area in all directions,” McGlynn said. “Rescore is place-making with Plantation Walk, transforming a defunct, vacant shopping mall into a live/work/play destination.”
The construction loan marks the eighth one that Walker & Dunlop has sourced for the Florida-based private REIT.
In May, Walker & Dunlop facilitated Westdale Asset Management’s $140 million bond offering on the Tel Aviv Stock Exchange.