CEDARst Companies has locked in a $68.5 million construction loan to put up a new 12-story apartment building in Fort Lauderdale’s Flagler Village, turning a long-discussed plan into a fully funded project. The development, called Flats Flagler Gateway, is slated for a roughly 1.46-acre site at 745 N. Andrews Avenue and is expected to break ground in May, with completion targeted for mid-2028. Developers say the building will add about 215 apartments to a neighborhood that is already bracing for a surge of new rental product.
According to ConnectCRE, the construction loan was supplied by North River Partners and Amzak Capital Management and comes with a 36-month term. The outlet reports that Ackman-Ziff Real Estate Group served as exclusive advisor on the deal, which was structured as part of an approximately $100 million capitalization package. The debt is earmarked for ground-up construction and early vertical work on the site.
Project Details And Timeline
The Flats Flagler Gateway plan calls for a roughly 350,000-square-foot building that will offer a mix of studio, one-, two- and three-bedroom apartments, with both market-rate and workforce units in the stack. As outlined by CEDARst Companies, residents are set to get around 33,000 square feet of amenities, including a fitness center, pool and outdoor deck, plus ground-floor retail that could bring more street life to N. Andrews Avenue. The company’s portfolio pegs the site at 745 N. Andrews Ave in the heart of Flagler Village.
Why It Matters Locally
The financing lands as Flagler Village continues to morph from low-slung warehouse territory into one of downtown Broward’s busiest development zones. Hoodline recently reported that the nearby Ombelle towers snagged $50 million in pre-construction funding, and a string of other office and residential projects are working through permits or topping out. Taken together, those projects and Flats Flagler Gateway are already starting to reshape traffic patterns and are expected to put more pressure on retail offerings and transit improvements along N. Andrews Avenue.
Local Lending Activity
Flagler Village has been pulling in sizable loans as lenders back both new construction and completion plays in the submarket. For example, BridgeInvest closed an $84 million construction-completion loan for a 252-unit Flagler Village project, a sign that institutional capital is still willing to underwrite Broward multifamily despite a more cautious broader market. In that context, the $68.5 million tranche behind Flats Flagler Gateway is one of several sizable bets on Fort Lauderdale’s near-term apartment pipeline…