New York Life Real Estate Investors originates a $38.3 million bridge loan secured by 261 North University Drive, Fort Lauderdale, FL.
New York, August 6, 2020—New York Life Real Estate Investors announced today the financing of 261 North University Drive, a 172,959 square foot, Class A office building located in the Fort Lauderdale, Florida market.
The property recently underwent a $15 million renovation, which included a completely redesigned building lobby, full elevator modernization, new bathrooms, new corridors, and new modern tenant buildouts. It is part of a mixed-use development, which will create a walkable amenity base, including approximately 760 multifamily units, 150,000 square feet of high-end retail, and 400 hotel rooms delivering in two phases from 2Q 2020-2022. The owner, Encore Capital Management, is a vertically integrated firm with in-house land acquisition, entitlement, development, construction sales and marketing capabilities.
“We are excited to begin a relationship with Encore Capital Management and are pleased to offer financing on this Class A property with great leasing and a first class amenity base,” said Ryan Doyle, an Atlanta-based Director of New York Life Real Estate Investors’ Structured Lending Group.
“Encore is pleased to close on this financing with New York Life Real Estate Investors. We will be delivering one of the largest office-retail-residential projects in Florida’s Broward County with amenities that will be unmatched,” said Art Falcone, CEO and Managing Principal of Encore. “261 North University Drive is the best choice for corporate tenants as well as smaller professional services firms looking for new space.”
“We have closed four COVID-era structured loans, totaling over $350 million of investment activity in this economic environment,” added John Lippmann, Head of Structured Debt at New York Life Real Estate Investors. “Our focus allows us to provide creative solutions for institutional-quality assets while achieving attractive risk-adjusted returns for the multiple sources of capital that we represent.”
Kevin O’Grady of Concord Summit Capital and Eric McGlynn of Walker & Dunlop advised Encore Capital Management on this transaction. “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 Real Estate Investors to them as a new relationship,” said Kevin O’Grady.
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. Please visit New York Life Real Estate Investors’ website at http://www.newyorklife.com/realestateinvestors for more information.
New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans and commercial mortgage backed securities. With over $59.3 billion in assets under management as of March 31, 2020.1 New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
1Real Estate Investors AUM of $59.3B is gross and includes AUA ($1.4B) as of 3/31/2020. Net AUM for Real Estate Investors is $57.9B as of 3/31/2020.
New York Life Insurance Company