Madison Realty Capital Supplies $127M Refi for Fort Lauderdale Development
Commercial Observer reported that Madison Realty Capital provided a $127 million construction takeout loan for the Arcadian, a newly completed 502-unit multifamily development at 640 Northwest Seventh Avenue in Fort Lauderdale's Sistrunk District, developed by Fuse Group and KREA Developments. The financing refinances the property's existing $84.5 million construction loan as the two-building complex continues to lease up, and includes 151 affordable units priced for residents earning between 100 and 120 percent of area median income, along with approximately 15,000 square feet of ground-floor retail. The deal adds to MRC's recent activity in South Florida, following a $226.5 million refinancing of the 559-unit Metro Parc in Hialeah this past July.
