CedarSt Companies nabbed a $56 million construction loan for a multifamily project in Fort Lauderdale, Fla., property records show.
The financing from Amzak Capital Partners will cover a 215-unit development at 745 North Andrews Avenue, two blocks south of East Sunrise Boulevard, in the Flagler Village neighborhood.
The project, which sits in a federally designated opportunity zone, will include 5,750 square feet of ground-floor retail, about 33,000 square feet of amenities for residents and 354 parking spots. Opportunity zones, a program created during President Donald Trump‘s first administration, allow owners to defer or reduce capital gains taxes if they develop their parcels.
Chicago-based CedarSt paid $6.5 million for the nearly 1.5-acre site in 2022.
Flagler Village is seeing a rush of multifamily development targeted at young professionals, thanks to its proximity to the city’s downtown and Hines’ FAT Village, a 835,000-square-foot, master-planned, mixed-use development, which itself obtained a $220 million construction in 2023 for the first phase.
In January, Midtown Capital Partners secured an $84 million floating-rate bridge loan to complete a 252-unit development. A month later, National Realty Investment Advisors nabbed a $54 million loan for a 388-unit development.
A representative for CedarSt Companies did not immediately respond to requests for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
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