Madison Realty Capital, a prominent New York-based lender, has provided a US$127 million refinancing facility for a newly completed multi-family development in Fort Lauderdale. The property, named 'The Arcadian', comprises 502 residential units and was developed by Fuse Group and KREA Developments. It received a temporary certificate of occupancy earlier this year.
The complex consists of two buildings and is located at 640 Northwest Seventh Avenue, adjacent to Northwest Sixth Street in the Sistrunk District. The financing provided serves to refinance an existing construction loan of US$84.5 million, which was granted by Centennial Bank in 2024. The refinancing takes place as 'The Arcadian' continues its lease-up phase and moves towards full stabilisation.
Significance for the Sistrunk District
The transaction was arranged by Scott Wadler and Brad Williamson of Berkadia, together with Bobby Dockerty and Nicholas Horowitz on behalf of the sponsors. 'The Arcadian' development is part of a broader revitalisation in the Sistrunk District, Fort Lauderdale's oldest African American neighbourhood.
The Fort Lauderdale Community Redevelopment Agency supported the project with a total of US$10 million. This included an US$8 million loan from the Development Incentive Programme, which is not repayable under certain conditions. A significant proportion of the flats contributes to the creation of affordable housing.
- —In the two eight-storey buildings of 'The Arcadian', 151 residential units are designated for individuals whose income is between 100 and 120 per cent of the area's median income.
- —The project also includes approximately 15,000 square feet (around 1,394 square metres) of ground-floor retail space.
- —A car park with 629 spaces is also part of the facilities.
Activity in South Florida
Madison Realty Capital is showing increased activity in refinancing new rental properties in South Florida. Just this July, the company provided US$227 million for the also newly completed 'Metro Parc' in Hialeah. This property comprises 559 residential units and underscores the lender's strategy to support the growing rental housing market in this region.
