An entity of the Falcone Group just scored a $23 million loan for its $350 million Plantation Walk mixed-use project.
Records show the lender was Vancouver-based Trez Capital. Falcone’s Encore Capital Management bought the property out of bankruptcy at an auction in 2015 for $37.7 million. The 32-acre complex at 321 North University Drive was the site of the former Plantation Fashion Mall.
Over the mall’s bones, Falcone plans to erect 700 rental apartments, roughly 250,000 square feet of office space and another 225,000 square feet of retail. A significant chunk of the office space would be housed in an existing building that Falcone is eyeing for a gut-renovation. Falcone scored approvals for the two-phased development in December.
The project’s initial stages were largely self-funded. Falcone Group was not immediately available for comment.
The redevelopment is slated to be completed in 2021.