$37 Million Acquisition Loan Arranged For ‘Offices At Plantation Walk’
Not too long ago, we saw the former Fashion Mall property transform into today’s “Plantation Walk, a true mixed-use lifestyle destination in Broward County. This 21st-century complex remains to be the talk of the town, as it boasts 200,000 SF of high-end retail at Plantation Walk Retail, a 7-story Class-A office tower at Offices at Plantation Walk, a 262-room hotel at Sheraton at Plantation Walk and 420-unit luxury rental apartments at The Rise at Plantation Walk.
“The site was long overdue for revitalization and the community highly benefitted from the added-value and the jobs it generated.” -said Brad Domenico, Partner at Progress Capital.
Brad Domenico and Eddie Miro of Progress Capital were approached by Fred Arena, Founder and CEO of Vision Properties with a request to obtain financing to purchase Offices at Plantation Walk, a 173,193 SF Class A office building located at 261 N. University Drive, Plantation, FL.
“Our client had a specific goal and we were determined to make it happen for him.” -said Domenico.
Originally constructed in 1989, the 7-story office tower was remodeled as part of the Plantation Walk development project. The building includes a 5-level parking structure with 851 spaces, is currently 92% leased with 8.3 years of weighted average remaining lease term with a strong roster of tenants, 64% of which are national and credit tenants. The property is anchored by Aetna, occupying 85,032 SF across 4 of the 7 floors of the building.
On behalf of Mr. Arena and Vision Properties, Brad and Eddie secured a $37,375,000 acquisition loan with Synovus Financial Corp., who provided favorable terms on a non-recourse basis, which was important to the client.
The building recently underwent $15,000,000 in transformative renovations, including a redesigned lobby, upgrading of bathrooms and corridors, new elevators, fitness room, replacement of all windows with modern hurricane impact glass and new modern tenant build-outs throughout.
Plantation retains its original hometown charm while offering all the pleasantries of a large city. The property is situated at the northwest corner of University Drive and Broward Boulevard, near the “Main & Main” intersection, known as Fort Lauderdale’s most affluent suburban markets. Plantation Walk is just ten short miles from downtown Fort Lauderdale and about 30 miles from downtown Miami, with easy access to Florida’s Turnpike, Interstate 595, Interstate 95, and only minutes from the Fort Lauderdale International Airport.
Progress Capital is a commercial mortgage advisory firm with over $40 Billion in closed loans and $150 Million of directly funded bridge loans. Since 1990, the firm has provided value to their clients by securing the best capital options available in the market.
Vision Properties is a full-service commercial real estate firm with assets spanning the East Coast to the Rocky Mountain region.