North River Partners Provides $68.5 Million Construction Loan For CEDARst Companies Multifamily Development

The asset involved in this transaction is a multifamily development project situated at 745 North Andrews Avenue, Fort Lauderdale, FL. The construction project encompasses a total of 350,000 square feet and consists of 215 residential units. It is being developed on a 1.46-acre site within the Flagler Village neighborhood and is classified as a Class A multifamily development.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $68,500,000
• Loan Type: Construction
• Loan Terms: 36 months
• Lender: Jeff Rosenfeld & Sean Robertson - North River Partners; Amzak Capital Management
• Landlord: Will Murphy, Griffin Epping & Mark Heffron - CEDARst Companies
• Landlord's Rep: Andrew Rudy & Jordan Brustein - Ackman-Ziff
• Market: Fort Lauderdale, FL
• Units: 215
• Square Footage: 350,000

The financing for this transaction is being facilitated by North River Partners in partnership with Amzak Capital Management, specifically for the Flats Flagler Gateway development led by an affiliate of CEDARst Companies. The project's construction is set to commence in May with an expected completion date in mid-2028. Ackman-Ziff Real Estate Group played a crucial advisory role in arranging the financing for the loan, marking the second collaboration between North River Partners and CEDARst Companies.