Bank OZK Supplies $86M Construction Loan for Rental in Broward County
Falcone Group’s 311-unit project in Oakland Park is expected to cost $133 million
By Julia Echikson November 13, 2026 5:25 pm
reprints
Bank OZK supplied a $85.5 million construction loan for Falcone Group’s multifamily development in Oakland Park, Fla.
The six-story project, called Horizon of Oakland Park, will house 311 apartments and 20,700 square feet of retail space. It will rise across four acres located by the southeast corner of Northeast 12th Avenue and Northeast 38th Street, adjacent to North Dixie Highway, in the Broward County city.
About 20 percent of units will be priced within 120 percent of the area’s median income. The development — which is expected to cost $133 million total — will include two pickleball courts, a covered playground, and 195 parking spots.
Construction is expected to be completed in early 2029. The Boca Raton-based development firm purchased the land for $8.5 million from the City of Oakland Park this month.
Horizon of Oakland Park is part of a broader downtown revitalization effort. Next door, NR Investments completed the Sky Building in 2021, a mixed-use development housing a 136-unit rental building and Oakland Park’s new City Hall.
The senior construction loan comes about two years after Bank OZK announced its would cap loan originations to under $500 million. For years, it had issued large loans for high-profile projects across South Florida, including the Waldorf Astoria condo tower in Miami and the St. Regis-branded oceanfront condo project in Sunny Isles Beach.
Falcone Group, led by Art Falcone, is perhaps best known for being a master developer of the 28-acre Miami Worldcenter. The retail component sold for $210 million this year.
Julia Echikson can be reached at jechikson@commercialobserver.com.
