Prospect Real Estate Group secured $66 million to build a multi-family project in the emerging Flagler Village neighborhood of Fort Lauderdale, lender Forum Capital Advisors announcement.
The Flagler Station the development will feature 252 units, averaging 757 square feet, and 2,087 square feet for retail on the ground floor. Facilities will include a swimming pool and dog park.
The 12-story property is expected to be completed in 2024, according to Forum Capital Advisors, which helped finance alongside OZK Bank.
Records show mortgage of $53.6 million instead of $66 million; the remaining $12.4 million is likely in the form of 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 further details.
The New Smyrna Beach-based developer paid $11 million in April for the 1.4-acre plot at 618 NE Third Avenue, between Northeast Sixth and Seventh streets, one mile north of Las Olas Boulevard, Fort Lauderdale’s main commercial corridor. The site now houses a single storey apartment building.
Long a neighborhood full of warehouses, Flagler Village is transforming into a residential area for young workers, thanks to its proximity to the city center and soaring rents.
Development Giant hines purchased a vacant 5 acre lot in Flagler Village for $57 million last year with plans to build a mixed-use project called Fat Villagetaking after Miami’s Wynwood neighborhood, which also housed warehouses before becoming a hotbed of development.
German investor Real Estate Investment Union disbursed $226.5 million for a property of 476 units.
This week, just south of the New River in Fort Lauderdale, Oko Group and Cain International inaugurated a luxury rental tower after getting $97 million in financing, also from OZK Bank.
Julia Echikson can be contacted at [email protected].