BETHESDA, Md., June 11, 2019 /PRNewswire/ -- Walker & Dunlop, Inc. announced today that it arranged $121,310,000 in construction financing for Plantation Walk, a master-planned development in the heart of Plantation, Florida. Formerly a fashion mall, the site is being reincarnated as a mixed-use town center featuring luxury apartments, office, retail, and hotel deliveries. The financing supports the next phase of construction, which includes the development of 404 multifamily units and 134,326 square feet of retail space.
Walker & Dunlop's team, led by Managing Director Eric McGlynn, arranged the financing on behalf of repeat-client, Rescore Property Corp., a Florida-based private REIT founded by Arthur Falcone, Tony Avila, and Bill Powers. McGlynn leveraged his broad network of capital providers, identifying Pacific Western Bank as the developer's ideal partner for financing the project.
Plantation Walk is the eighth construction loan that the Walker & Dunlop team has sourced for Rescore, which specializes in contemporary design and innovative amenities. Once complete, the town center development will feature 700 luxury residential rental units, 160,000 square feet of office space, and 190,000 square feet of retail space. The project will feature modern floor plans with ceilings averaging nine feet in height. Luxury amenities will include a fitness center, clubroom, and pool.
"We are pleased to have been a part of this transformative redevelopment in the heart of Plantation," said McGlynn, adding that "Rescore's project will create a walkable town center feel that is unique and much-needed in the Plantation submarket."
A growing and vibrant city, Plantation is the third largest submarket in Florida's Broward County and is highly regarded for its top-tier workforce, reasonable rents, and central location. Fort Lauderdale's strong economy and employment growth have increased demand for homes and office space in surrounding areas such as Plantation, which offers a suburban, park-like environment.
Walker & Dunlop is a leader in the commercial real estate finance space and has been included in Fortune Magazine's Fastest-Growing Companies List for two consecutive years. The Fortune rankings are based on three-year growth in revenues, earnings per share, and total shareholder return. The rapid growth of the company's brokered loan originations over the past several years contributes to this ranking; the company completed $8.6 billion in brokered loans with over 235 different capital providers in 2018, a 17 percent increase from 2017. To learn more about our broad range of financing options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate finance companies in the United States. The company provides a comprehensive range of capital solutions for all commercial real estate asset classes, as well as investment sales brokerage services to owners of multifamily properties. Walker & Dunlop is included on the S&P SmallCap 600 Index and was ranked as one of FORTUNE Magazine's Fastest Growing Companies in 2014, 2017, and 2018. Walker & Dunlop's 700+ professionals in 29 offices across the nation have an unyielding commitment to client satisfaction.
SOURCE Walker & Dunlop, Inc.