Art Falcone’s Encore Capital Management just scored $33.9 million in construction financing for an seven-story office building at its $350 million mixed-use Plantation Walk project.
Chicago-based Prime Finance Partners is the lender. Walker and Dunlop Inc. helped arrange the financing.
The 160,000-square-foot building has already signed on health insurance firm Aetna, and will be the first building to be completed as part of planned development at 321 North University Drive.
Aetna plans to move into an 85,000-square-foot office space in December. The office building will be home to Aetna’s Medicare, Medicaid and Aetna International divisions.
Smaller units at the project range from 3,000 square feet to 5,000 square feet. Jay Adams of Newmark Grubb Knight Frank is handling leasing the project.
Once complete, Plantation Walk will feature more than 200,000 square feet of retail and entertainment space and three apartment buildings consisting of a total of 700 luxury rental units and ground-floor retail. The apartments will be geared toward the region’s millennial workforce, according to a press release.
A spokesperson said the developer plans to break ground on the apartment buildings soon. Construction of the office building is underway and is expected to be completed in December.
The 32-acre complex, just north of Broward Boulevard, was the site of the former Plantation Fashion Mall.