Midtown Capital Partners scored an $84 million construction bridge loan for its Flagler Village apartment project.
Miami-based Midtown Capital is expected to complete the 252-unit Astor Park Flagler Village with a pair of 12-story buildings this summer. The complex, at 333 Northeast Sixth Street in Fort Lauderdale, is on tap as South Florida feels pressure from a supply overhang following years of hefty multifamily completions.
BridgeInvest, based in Miami, provided the floating-rate loan, which refinanced Midtown Capital’s construction loan and funded remaining completion costs, according to a news release from the financing’s broker.
Mitch Sinberg and Scott Wadler were part of the Berkadia team that represented the borrower.
Midtown Capital obtained a $64.5 million construction financing for Astor Park in 2022.
Apartments will range from studios spanning nearly 600 square feet to penthouses spanning nearly 1,800 square feet, according to the release. Astor Park will include four live-work ground-floor apartments; 2,400 square feet of retail; and a 318-space garage. All apartments will be at market-rate rents.
The 1.4-acre site is across from Peter Feldman Park.
Berkadia and Midtown Capital didn’t immediately return inquiries about pre-leasing at Astor Park.
Midtown Capital, led by Alejandro Velez, also plans a 22-story, 348-unit Live Local Act building in Miami’s Little River neighborhood; and it’s developing the 230-unit Astor Sound apartment complex in Lake Worth Beach. It scored a $57 million bridge loan in September for the nearly finished Astor Sound.
Multifamily developers seized on the influx of out-of-state residents to South Florida and ensuing apartment leasing frenzy in recent years by starting new projects.
Despite a record 18,600 unit completions in 2024, developers kept building, with the tri-county region recording 14,515 apartment construction starts in the 12-month period that ended in September, according to CoStar Group. The supply overhang led to slower leaseups, a decrease in rents and more concessions.
Developers building multifamily have countered that leasing will resume by the time they finish their buildings and that they are carefully picking the submarkets for their projects to ensure the areas aren’t over-saturated.
Also in Fort Lauderdale, Moderno Development Group and 75Invest received site plan approval in September for the 26-story, 265-unit Art Lofts with 43 workforce housing units south of the New River.
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