NRIA Lands $54M for Planned Rental Tower in Fort Lauderdale
By Julia Echikson February 17, 2026 1:50 pm
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National Realty Investment Advisors (NRIA) nabbed a $54 million loan for a multifamily development in Fort Lauderdale, two years after one of its top executives pleaded guilty to orchestrating a $658 million Ponzi scheme.
The financing from MidCap Financial Trust covers a 0.7-acre site between 200 and 210 Northeast Third Street in the Flagler Village neighborhood, three blocks north of East Broward Boulevard, property records show.
In 2021, the Secaucus, N.J.-based developer purchased the site for $9.3 million. In 2023, the Fort Lauderdale City Commission approved plans for a 43-story building, housing 388 apartments and a nine-story parking garage.
NRIA also owns a 0.7-acre site across the street, which it bought for about $9 million in 2023. The purchase came as the firm underwent Chapter 11 bankruptcy. A judge approved the acquisition.
The most recent financing comes two years after Nicholas Salzano, a senior executive at NRIA, admitted to securities fraud and conspiracy charges to commit wire fraud relating to a Ponzi scheme that defrauded more than 2,000 investors of $658 million.
Salzano was sentenced to 12 years in prison. He forfeited $8.5 million and was ordered to pay full restitution, which amounts to $507.4 million.
A representative for NRIA did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
