Dealmaker: New York Life Real Estate Investors Originates $38M for Florida Office
New York Life Real Estate Investors originated $38.3 million in bridge financing secured by 261 North University Drive, a 173,000-square-foot office building in Fort Lauderdale, Fla.
The Class A property recently underwent a $15 million renovation that included a redesigned lobby, full elevator modernization and new modern tenant buildouts. It is part of a mixed-use development that will include 760 multifamily units, 150,000 square feet of high-end retail and 400 hotel rooms delivering in two phases from between now and 2022.
Owner Encore Capital Management, Boca Raton, Fla. is a vertically integrated firm with in-house land acquisition, entitlement, development, and construction sales capabilities. Encore CEO and Managing Principal Art Falcone called 261 North University Drive one of the largest office-retail-residential projects in Broward County.
“We have closed four COVID-era structured loans totaling over $350 million of investment activity in this economic environment,” said John Lippmann, Head of Structured Debt at New York Life Real Estate Investors.
Concord Summit Capital Partner & Managing Director Kevin O’Grady and Senior Vice President and Walker & Dunlop Managing Director Eric McGlynn advised Encore Capital Management on this transaction.
In June NYLREI announced the construction-to-permanent financing of Las Marinas Apartments, which will have two 17-story Class A residential towers totaling 256 units in addition to an existing 336-unit residential tower known as Marina Del Mar. NYLREI funded an initial $97 million non-recourse loan and committed to fund up to an additional $15 million subject to certain conditions. The loan has a 15-year term with a fixed interest rate.