Newmark Arranges $64.5M Construction Loan For Midtown Capital Partners, Prospect Real Estate Group For South Florida Multifamily Development
On behalf of the joint venture between Midtown Capital Partners and Prospect Real Estate Group, Newmark has arranged the $64.5 million financing for the Fort Lauderdale development, dubbed Advantis Station.
The 1.42 acre development site is located at the intersection of NE 3rd Avenue and NE 6th Street in Fort Lauderdale’s Flagler Village neighborhood and is the one of the largest undeveloped assemblages in Flagler Village. Plans call for a midrise design and programming for 252 residential units across studio, one, two, three and four-bedroom units as well as over 300 parking spaces. The property’s ground floor will feature complementary retail serving its residents and neighbors.
Advantis Station’s prime location in the heart of Flagler Village is along the last available frontage to Peter Feldman Park and within walking distance of the NW 2nd Ave Brightline Station on Flagler Village is home to some of Fort Lauderdale’s most desirable multifamily rental properties and is centrally located to Fort Lauderdale’s path of growth, presenting continued demand in the next 5-10+ years. Situated only minutes from downtown Fort Lauderdale and FAT Village, Flagler Village is known for its high-street shopping, dining and nightlife.
The Newmark team was led by Dustin Stolly and Jordan Roeschlaub, Vice-Chairmen and Co-Heads of the Debt & Structured Finance team, along with Daniel Matz, Nick Scribani, Daniel Fromm, Dan Morin, and Tim Polglase. Forum Real Estate Group and Bank OZK provided the loan.
Matz noted, “The sponsorship team behind the project has a proven track record in the multifamily development industry and has a robust pipeline across Florida and other growth markets. Their vertical integration in the construction space creates a significant advantage in the competitive Florida development landscape.”
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