US$ 64.5M loan for the construction of Advantis Station, within the Flagler Village neighborhood in Fort Lauderdale, has been secured. The project’s developer Midtown Capital Partners and Prospect Real Estate Group secured the financing. Jordan Roeschlaub and Dustin Stolly were in charge of the Newmark group that spoke on behalf of the developers. Bank OZK and Forum Real Estate Group are the lenders.
The 252-unit 12-storey multi-family property will be developed on 1.4 acres site located at the northeastern corner of Northeast Sixth Street and Northeast Third Avenue. There will be studios as well as one- to four-bedroom apartments at the 12-story Advantis Station. Furthermore, the development will contain ground-floor shops and 300 parking spots. The Brightline downtown Fort Lauderdale station is close by and is across the street from Peter Feldman Park.
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The fall of 2024 is the anticipated completion date for the continuing construction.
A look at the Advantis Station Flagler Village neighborhood
From being a warehouse neighborhood to a center for trendy businesses housed in renovated industrial structures, Flagler Village has seen a transformation. Additionally, there are sales of investments and new developments.
Miami-based Midtown Capital Partners, formed in 2010, has spent more than US$ 500M on acquisitions over the last five years. In April, Prospect paid $11 million for the development site of Advantis. The area is also ready for future construction.
On a 9-acre property at and close to 901-927 North Federal Highway, Aimco is developing a 3 million square foot mixed-use complex with 1,500 units. Aimco purchased a 5.6-acre chunk of the assemblage in June for $64 million.
