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Another Fort Lauderdale 348 apartment project possibly coming soon

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A proposed development site at 405 and 417 Northeast 2nd Street in Fort Lauderdale may be on the horizon. A company tied to Art Falcone’s Encore Capital Management just scored a $57 million construction loan for a multifamily project in Fort Lauderdale, property records show.

California-based Pacific Western Bank is providing the financing for the 348-unit apartment development. The Boca Raton-based developer bought the site at 405 and 417 Northeast Second Street in 2015 for $9.4 million.

The 1.3-acre site sits on the north side of downtown Fort Lauderdale. Encore Capital Management’s Joe DiCristina, president of Encore’s multifamily division, was not immediately available for comment.

Falcone is also in the midst of co-developing Miami Worldcenter, a massive 27-acre mixed-use project. He and developers Dan Kodsi and Nitin Motwani closed on $285 million in construction financing for Paramount Miami Worldcenter, a luxury condo tower, in March.

Falcone is also working on Plantation Walk, a mixed-use project on the site of the former Fashion Mall in Plantation.

From The Real Deal Miami via http://ift.tt/2zCE344. Art Falcone and the development site at 405 Northeast 2nd Street in Fort Lauderdale (Credit: Google Maps, Miami Worldcenter)