Development Group Scores Financing for 502-Unit Fort Lauderdale Apartment Complex
The Fuse Group and KREA Developments landed a $127 million construction take-out loan for The Arcadian, a recently delivered 502-unit Fort Lauderdale multifamily community.
Berkadia’s Scott Wadler, Brad Williamson, Bobby Dockerty, and Nicholas Horowitz of Berkadia Miami arranged the financing on behalf of the joint venture. Madison Realty Capital provided the loan.
Located at 640 NW 7th Avenue, The Arcadian comprises 502 studio, one- and two-bedroom apartments across two eight-story buildings, including 151 apartments designated as attainable housing for qualified households earning between 100% and 120% of area median income. The development also includes approximately 15,000 square feet of ground-floor commercial space intended for neighborhood-serving businesses and entrepreneurs.
The Arcadian features a pool deck, fitness center, indoor pickleball court, dual golf simulators, sauna, private clubhouse, coworking spaces and offices.
The Arcadian received a $10 million investment from the Fort Lauderdale Community Redevelopment Agency.
The property is located near Flagler Village and Downtown Fort Lauderdale.
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Brokers
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
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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