Tag Archive for: new york life

New York Life Provides $38.3M Refinancing Loan For Fort Lauderdale Office Building

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New York Life Real Estate Investors has provided a $38.3 million refinancing loan for 261 North University Drive, a 172,959-square-foot office building in Fort Lauderdale.

The borrower, Encore Capital Management, recently completed a $15 million renovation of the property, including redesigning the lobby, modernizing the elevators, adding new bathrooms and overseeing new tenant buildouts.

The asset is situated eight miles west of downtown Fort Lauderdale. Furthermore, the property will be part of a mixed-use development that is set to feature 760 multifamily units, 150,000 square feet of retail space and 400 hotel rooms delivering in two phases by 2022.

Kevin O’Grady of Concord Summit Capital and Eric McGlynn of Walker & Dunlop arranged the loan on behalf of Fort Lauderdale-based Encore, and Ryan Doyle and John Lippmann of New York Life originated the loan.

 

Source:  RE Business

Former Greenberg Traurig Attorney Joins RWNK

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Jerry Calica has joined NAI Rauch Weaver Norfleet Kurtz & Co. as a Senior Associate.

Mr. Calica’s background working with large institutional clients on complex real estate matters related to acquiring, holding and disposing of commercial properties is extensive. Prior to joining NAI Rauch Weaver Norfleet Kurtz & Co. Mr. Calica was Chief Real Estate Counsel for New York Life Insurance Company for a number of years. He oversaw the dealings of the firm’s real estate portfolio including the acquisition and disposition of various institutional real estate holdings.

After leaving New York Life, he joined the law firm of Cadwalader, Wickersham & Taft representing clients that included Goldman Sachs, New York Life Insurance Company and many others. Mr. Calica provided clients legal counsel on the acquisition and financing of commercial property that included large portfolios and single properties including office, multi-family and industrial assets.

Upon his arrival in Miami from New York, Mr. Calica joined the law firm of Greenberg Traurig in Miami where his commercial real estate practice was dedicated to large institutional clients and high net worth real estate investors. He provided clients counsel on matters related to commercial real estate holdings and transactional counsel.

Mr. Calica holds a J.D. from Fordham University and is licensed in Florida and New York.

He is available to serve clients interested in commercial property acquisitions and dispositions. Jerry’s commercial brokerage skills are formidable and he has significant relationships with life carriers and other investment trusts throughout the U.S. You can contact Jerry at 954.489.2530.

Cypress Office Building Has New Owner

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Cypress Centre, a 5-story office building located at 6600 North Andrews Avenue in Fort Lauderdale, has been taken back by New York Life, following foreclosure proceedings in December.

The building was owned by CBRE.

The 131,063 square foot building was built in 1986 and renovated 2002 and currently has 80,000 square feet available for lease. John K. Criddle and Jon Blunk, both of Cushman & Wakefield, have been awarded the leasing assignment for the property.