Falcone scores construction loan for offices at Plantation Walk

Health insurance firm Aetna inked an 85k lease at the building

Miami /
Sep.September 19, 2018 09:45 AM

Plantation Walk rendering and developer Art Falcone

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.


Related Articles

arrow_forward_ios
Rendering of Plantation apartments with PGIM's Eric Adler and Stiles Corp's Ken Stiles (Stiles)
Stiles, PGIM buy Plantation multifamily dev site from synagogue, score $64M financing
Stiles, PGIM buy Plantation multifamily dev site from synagogue, score $64M financing
Sagi Shaked and 201 North Pine Island Road (Shaked Law, Google Maps)
Former Plantation fertility clinic sells for $8M
Former Plantation fertility clinic sells for $8M
Christopher Forest Longsworth (Invesca)
Invesca CEO Christopher Longsworth dies at 36
Invesca CEO Christopher Longsworth dies at 36
12301 West Sunrise Boulevard with Raanan Katz, Bob Barth, Zach Zalben and Stanley Black (Google Maps, Linkedin, Getty)
Miami Heat minority owner continues Best Buy shopping spree with $12M Plantation deal
Miami Heat minority owner continues Best Buy shopping spree with $12M Plantation deal
Starwood's Barry Sternlicht and Island Capital's Andrew Farkas (Getty)
Starwood sells Plantation office buildings in $78M deal
Starwood sells Plantation office buildings in $78M deal
Northland's Lawrence Gottesdiener with the Del Oro and Plantation Meadows apartments (Google Maps)
Plantation apartment complexes sell for $57M
Plantation apartment complexes sell for $57M
From left: Jorge Pérez, Stuart Miller, Craig Robins, Louise Sunshine, and Russell Galbut,(Credit: Patrick McMullan via Getty Images)
Here are the South Florida real estate players who donated to candidates in 2020
Here are the South Florida real estate players who donated to candidates in 2020
Mihaela Coprean and Alfonso Costa Jr.
Movers & Shakers: Falcone Group hires HUD’s former deputy chief of staff, Metropica taps biz development director & more
Movers & Shakers: Falcone Group hires HUD’s former deputy chief of staff, Metropica taps biz development director & more
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...