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Falcone scores construction loan for Fort Lauderdale project
He bought the site in 2015 with plans to build a 348-unit, 30-story tower
UPDATED, Nov. 14, 1:45 p.m.: A company tied to Art Falcone’s Encore Capital Management just scored a $75 million construction loan for a multifamily project in Fort Lauderdale, property records show.
California-based Pacific Western Bank provided $57 million in financing and New York-based Square Mile Capital provided $18 in financing for the 348-unit, 30-story apartment development at 405 Northeast Second Street.
The Rise Flagler Village will sit on a 1.3-acre site on the north side of downtown Fort Lauderdale. Records show the Boca Raton-based developer bought the property in 2015 for $9.4 million. Construction is set to begin in January, according to the release.
Rendering of The Rise Flagler Village (Credit: Falcone Group)
Architecture firm Cohen Freedman Encinosa & Associates Architects Pa Inc. is designing the project, which will include retail on the first floor, a pool, garden, fitness center and lounge area.
Falcone is also in the midst of co-developing Miami Worldcenter, a massive 27-acre mixed-use project. He and developers Dan Kodsi and Nitin Motwani closed on $285 million in construction financing for Paramount Miami Worldcenter, a luxury condo tower, in March.
Falcone is also working on Plantation Walk, a mixed-use project on the site of the former Fashion Mall in Plantation.