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.