Encore Capital Management Announces New Fort Lauderdale Project
Encore Capital Management has announced its newest project in downtown Fort Lauderdale’s Flagler Village. ‘The Rise Flagler Village’ will be a 30-story, 348-unit project located at 405 NE 2nd Street.
Encore also closed a $75 million loan from Pacific Western Bank and Square Mile Capital. Walker and Dunlop Inc arranged the construction financing for the parties, G.T. McDonald Enterprises, Inc. will serve as general contractor for the project and Cohen Freedman Encinosa & Associates Architects Pa Inc. is the project architect. Construction will commence in January 2018.
Located between 2nd and 3rd Street, ‘The Rise Flagler Village’ will have a full amenity deck complete with pool, garden, fitness center and lounge area. The project will also feature ground level retail on 3rd Street and will be within walking distance to shopping, outdoor entertainment and transit.
The number of young professionals living in this part of Fort Lauderdale is rapidly growing, and housing is in high demand. Many of them prefer to rent in an amenity-rich, luxury apartment building, rather than worry about purchasing a home. ‘The Rise Flagler Village’ will be built to serve this growing population.
Encore has successfully delivered multifamily projects under the ‘Rise’ brand in other areas of the country including Portland, San Francisco and Los Angeles.