Walker & Dunlop structures construction loan for £275m mixed-use project in US

WCN Editorial Team 12 Jun 2019 NORTH AMERICA BUILDINGS

Walker & Dunlop has arranged $121m (£95.2m) financing to Encore Capital Management-controlled private REIT Rescore Property to fund construction of Plantation Walk, a master-planned development in Plantation, Florida, US.

The $350m (£275.4m) project involves the transformation of a former fashion mall into a mixed-use town centre featuring luxury apartments, office, retail, and hotel deliveries.

With easy access to Florida’s Turnpike, Interstate 595 and the Fort Lauderdale Airport, Plantation Walk is located just 16km from Downtown Fort Lauderdale and 48.2km from Downtown Miami.

The latest financing will be used by Rescore Property to support the next phase of construction which includes the development of 404 multifamily units and 134,326ft² of retail space.

Upon completion, the Plantation Walk will comprise 700 luxury residential rental units, 160,000ft² of office space, and 190,000ft² of retail space.

Additional features of the mixed-use project will include modern floor plans with ceilings averaging 9ft in height as well as luxury amenities such as fitness centre, clubroom, and pool.

Walker & Dunlop managing director Eric McGlynn identified Pacific Western Bank as the developer's ideal partner for project financing.

McGlynn said: "We are pleased to have been a part of this transformative redevelopment in the heart of Plantation.

"Rescore's project will create a walkable town center feel that is unique and much-needed in the Plantation submarket."

Construction on the project commence in January 2019. The Plantation Walk's retail portion will include fine-dining, causal eatery’s, stores, and entertainment.

Plantation is claimed to be the third largest submarket in Broward County, Florida and is regarded for its top-tier workforce, reasonable rents, and central location, Walker & Dunlop said.

The firm said in a statement: "Fort Lauderdale's strong economy and employment growth have increased demand for homes and office space in surrounding areas such as Plantation, which offers a suburban, park-like environment."

Image: Illustration of Plantation Walk mixed-use property in South Florida, US. Photo: courtesy of Walker & Dunlop, Inc.

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