The Plantation Walk mixed-use project obtained a $118.33 million construction loan for the next phase of the project.
Pacific Western Bank awarded the mortgage to Plantation Walk Properties, an affiliate of Boca Raton-based Encore Capital Management. The developer said the loan will fund construction of the 404 units that will be part of the Rise apartment complex and 130,000 square feet of the retail portion. This phase will consist of one residential building, one retail building, and the third building with a mix of residential and retail.
“The closing of this construction loan is the next step forward as our team moves swiftly to bring the residential and retail portions of Plantation Walk to life,” said Art Falcone, CEO and managing principal of Encore Capital Management. “We look forward to delivering the retail and multifamily components of this transformative project to the community and businesses who we know are eagerly awaiting them.”
Located on 32.1-acre at 321 N. University Drive in Plantation, the project broke ground in late 2017. The 160,000-square-foot office component of Plantation Walk received a construction loan in 2018.
At a cost of $350 million, Plantation Walk will also have 700 apartments and 200,000 square feet of retail, restaurant and entertainment space. The site formerly had the Fashion Mall.