North River Partners, CEDARst land $68.5M loan for Fort Lauderdale multifamily project

• North River Partners and Amzak Capital Management provide $68.5M construction loan
• CEDARst Companies developing 215-unit Class A project
• Located in Flagler Village, one of Fort Lauderdale’s fastest-growing submarkets

What North River Partners financed

North River Partners and Amzak Capital Management have provided a $68.5 million construction loan for Flats Flagler Gateway, a new multifamily development in Fort Lauderdale. The financing supports a 12-story, 215-unit residential project spanning about 350,000 square feet.

“This transaction reflects our continued belief that South Florida remains in the early stages of its growth,” said Jeff Rosenfeld.

What CEDARst is building

CEDARst Companies is developing the project, marking another expansion of its Florida pipeline. Construction is expected to begin in May, with completion targeted for mid-2028.

“Breaking ground on 745 N Andrews is a significant milestone for CEDARst,” said Griffin Epping.

What the project includes

Flats Flagler Gateway will offer a mix of studio to three-bedroom units, including both market-rate and workforce housing. Amenities will include a fitness center, pool deck, and coworking spaces, targeting modern renters. The project sits on a 1.46-acre site in Flagler Village, a neighborhood seeing strong residential and mixed-use growth.

What this means for Fort Lauderdale

Flagler Village continues to emerge as a key residential hub, attracting new development due to its proximity to downtown and lifestyle amenities. The inclusion of workforce housing aligns with broader regional efforts to address affordability challenges. This project adds supply in a market experiencing sustained population and job growth.

What this means for investors and lenders

This deal highlights continued activity in construction lending despite tighter capital markets. Lenders are prioritizing experienced sponsors and high-growth markets like South Florida. For investors, it reinforces confidence in multifamily as a core asset class, particularly in supply-constrained, high-demand regions. Multifamily development in South Florida continues to attract capital as population growth and housing demand drive new projects