Madison Realty Capital Supplies $127M Refi for Fort Lauderdale Development

Madison Realty Capital provided a $127 million construction takeout loan for a newly completed multifamily development in Fort Lauderdale.

The 502-unit Arcadian, developed by Fuse Group and KREA Developments, received a temporary certificate of occupancy earlier this year. The two-building complex at 640 Northwest Seventh Avenue sits adjacent to Northwest Sixth Street in the Sistrunk District. 

The loan refinances the property’s existing $84.5 million construction loan, which Centennial Bank issued in 2024, as the Arcadian continues to lease up and move toward stabilization. Berkadia’s Scott Wadler and Brad Williamson, Bobby Dockerty and Nicholas Horowitz represented the sponsors in the recent debt transaction.  

The Acardia’s is part of a new development wave within the Sistrunk District, Fort Lauderdale’s oldest African-American neighborhood. 

Fort Lauderdale Community Redevelopment Agency provided $10 million in funding, including an $8 million forgivable loan from its Development Incentive Program. 

Across Acardia’s two eight-story buildings, the development includes 151 apartments priced to be affordable for people earning between 100 and 120 percent of the area’s median income. It also features about 15,000 square feet of ground-floor retail space and 629-spot parking garage.

Madison Realty Capital, a prominent New York-based lender, has been on a refinancing kick for new rental properties in South Florida. In July, it supplied $227 million for the newly completed, 559-unit Metro Parc in Hialeah.

Julia Echikson can be reached at jechikson@commercialobserver.com.