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

MIAMI, FL / ACCESSWIRE / August 25, 2020 / Concord Summit Capital, LLC (“Concord Summit”) announced today 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. 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.

ABOUT CONCORD SUMMIT CAPITAL

Concord Summit is a partnership between Summit Investment Management, Concord Wilshire Companies and Kevin O’Grady.

Summit Investment Management is a global investment company headquartered in Denver, Colorado (summit-investment.com). Concord Wilshire Companies is a national real estate development and investment company headquartered in Fort Lauderdale, Florida (concordwilshire.com). Kevin O’Grady is a 40-year industry professional having completed over $20 billion in transactions under his management.

Concord Summit is a premier nationwide intermediary between sponsors and providers of capital in commercial real estate transactions. Concord Summit specializes in all asset classes, including but not limited to office, retail, land, multi-family, mixed-use, industrial, and hospitality product types. The firm provides sponsors with access to a broad range of debt and equity capital as well as unmatched knowledge of the market and industry, in order to achieve the most efficient execution and results. For more information, go to www.concordsummit.com

Media Contact:

Todd Templin, BoardroomPR
954-370-8999

SOURCE: Concord Summit Capital

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