Chicago Developer Lands $56M to Build Fort Lauderdale Rental
By Julia Echikson April 21, 2026 4:36 pm
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CedarSt Companies nabbed a $56 million construction loan for a multifamily project in Fort Lauderdale, Fla., property records show.
The senior financing from Amzak Capital Partners and North River Partners will cover a 215-unit development at 745 North Andrews Avenue, two blocks south of East Sunrise Boulevard, in the Flagler Village neighborhood. The debt package, which carries a 36-month term, includes an additional a $12.5 million mezzanine loan, bringing the total financing to $68.5 million, according to a representative for the lenders.
Construction is expected to start next month and be completed by mid-2028. Ackman-Ziff Real Estate Group arranged the transaction.
The project, which sits in a federally designated opportunity zone, will include 5,750 square feet of ground-floor retail, about 33,000 square feet of amenities for residents and 354 parking spots. Opportunity zones, a program created during President Donald Trump‘s first administration, allow owners to defer or reduce capital gains taxes if they develop their parcels.
Chicago-based CedarSt paid $6.5 million for the nearly 1.5-acre site in 2022.
Flagler Village is seeing a rush of multifamily development targeted at young professionals, thanks to its proximity to the city’s downtown and Hines’ FAT Village, a 835,000-square-foot, master-planned, mixed-use development, which itself obtained a $220 million construction in 2023 for the first phase.
In January, Midtown Capital Partners secured an $84 million floating-rate bridge loan to complete a 252-unit development. A month later, National Realty Investment Advisors nabbed a $54 million loan for a 388-unit development.
A representative for CedarSt Companies did not immediately respond to requests for comment.
Update: The story was updated to include the mezzanine loan, the construction timeline and the involvement of North River Partners and Ackman-Ziff Real Estate Group.
Julia Echikson can be reached at jechikson@commercialobserver.com.
