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Prospect Real Estate Group nabbed $66 million to build a multifamily project in Fort Lauderdale’s emerging Flagler Village neighborhood, lender Forum Capital Advisors announced.
The Flagler Station development will feature 252 units, averaging 757 square feet, and 2,087 square feet for retail on the ground floor. Amenities will include a pool and a dog park.
The 12-story property is expected to be completed in 2024, according to Forum Capital Advisors, which contributed to the financing alongside Bank OZK.
Records show a $53.6 million mortgage instead of the $66 million; the remaining $12.4 million is likely as a mezzanine loan. A representative for Prospect Real Estate Group did not respond to a request for comment, while a spokesperson for Forum has yet to provide additional details.
The New Smyrna Beach-based developer paid $11 million in April for the 1.4-acre parcel at 618 NE Third Avenue, between Northeast Sixth and Seventh streets, a mile north of Las Olas Boulevard, Fort Lauderdale’s main retail corridor. The site now holds a single-story apartment building.
Long a warehouse-laden district, Flagler Village is turning into a residential neighborhood geared to young professionals, thanks to its proximity to the city’s downtown and skyrocketing rents.
Development giant Hines bought a 5-acre vacant site in Flagler Village for $57 million last year with plans to build a mixed-use project called FAT Village, taking after Miami’s Wynwood neighborhood, which also housed warehouses before becoming a development hotbed.
German investor Union Investment Real Estate shelled out $226.5 million for a 476-unit property.
This week, just south of the New River in Fort Lauderdale, Oko Group and Cain International broke ground on a luxury rental tower after securing $97 million in financing, also from Bank OZK.
Julia Echikson can be reached at jechikson@commercialobserver.com.
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