Fort Lauderdale Apartment Developer Closes on $68.5M Construction Loan
CEDARst Companies obtained a $68.5 million construction loan for the development of Flats Flagler Gateway, a 215-unit Class A multifamily project located at 745 N Andrews Ave. in Fort Lauderdale, Fla.
The financing supports the ground-up development of a 12-story, approximately 350,000-square-foot residential building situated on a 1.46-acre site in the city’s rapidly evolving Flagler Village neighborhood. Construction is anticipated to commence in May, and completion is projected for mid-2028. The loan carries a 36-month term. North River Partners and Amzak Capital Management provided the loan. Ackman-Ziff Real Estate Group’s Andrew Rudy and Jordan Brustein served as exclusive advisor in arranging the financing. The loan was structured as part of the approximately $100 million capitalization.
Flats Flagler Gateway will feature a mix of studio, one-, two- and three-bedroom apartments, including both market-rate and workforce housing units. Planned amenities include a fitness center, pool and outdoor deck, and coworking space.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout