Miami-Area Office Building Lands $38M Refi
- Aug 27, 2020
Encore Capital Management has refinanced its 172,959-square-foot office building in the Plantation Walk mixed-use development near Fort Lauderdale, Fla., with a $38.3 million loan provided by New York Life Real Estate Investors.
Concord Summit Capital LLC, a partnership between Summit Investment Management, Concord Wilshire Cos. and Managing Director Kevin O’Grady, served as financial advisors to Encore Capital Management for the transaction and successfully structured, negotiated and secured several competitive bids during the COVID-19 affected lending environment. O’Grady and Eric McGlynn of Walker & Dunlop arranged the loan on behalf of Fort Lauderdale-based Encore. Ryan Doyle and John Lippmann of New York Life originated the loan.
Encore recently completed a $15 million renovation of the office building at 261 N. University Drive, including redesigning the lobby, upgrading and bathrooms and corridors and overseeing new tenant build-outs. Located 8 miles west of downtown Fort Lauderdale, the office building is part of the $350 million, 27-acre Plantation Walk mixed-use development, which will also include 760 multifamily units, 150,000 square feet of high-end retail space and a 400-key hotel. The project is being delivered in two phases between 2020 and 2022.
In January 2018, Encore retained CREC as the exclusive leasing advisor for the retail component of the property. Plantation Walk is being built on the site of the former Plantation Fashion Mall, which crews began demolishing in 2017. Plantation Walk is being developed as a pedestrian-friendly community with outdoor seating, walkways and green spaces along with shopping, dining and entertainment options for a live-work-play environment.