Saturday, August 29, 2020

Concord Summit Capital Completes $38.3 million Loan Through New York Life on Suburban Fort Lauderdale Office Building


Art Falcone
MIAMI, FL -- Concord Summit Capital, LLC (“Concord Summit”) announced  the successful financing of a 172, 959 square-foot Class A office building in Fort Lauderdale, Florida in the amount of $38.3 million.  

The property is located within a 27-acre mixed-use development which includes ±760 multifamily units, ±150,000 square feet of high-end retail and ±400 hotel rooms being delivered in two phases from 2Q 2020-2022.

The office building, owned by Encore Capital Management (“Encore”), recently underwent $15 million in renovations, including a redesigned modern building lobby, full elevator upgrades, new corridors, new bathrooms and new modern tenant buildouts. 

 Kevin O’Grady
Encore is a full-service real estate investment and development company with land acquisition, entitlement, development, construction sales and marketing capabilities in-house.

Concord Summit served as financial advisors to Encore Capital Management on this transaction.  

During a COVID-affected lending environment, Concord Summit successfully structured, negotiated and secured several competitive bids that resulted in the selection of New York Life.

Art Falcone and Encore have been valuable clients for us for many years and hopefully many more years to come, and we are very proud to have brought New York Life to them as a new relationship,” said Kevin O’Grady, Managing Director of Concord Summit.


CONTACT:

Todd Templin
Executive Vice President
BoardroomPR
O 954-370-8999
C 954-290-0810


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