Midtown Capital Partners has secured an $84 million construction bridge loan for its Astor Park Flagler Village apartment project in Fort Lauderdale. The Miami-based firm is on track to complete the 252-unit development, which consists of two 12-story buildings at 333 Northeast Sixth Street, by this summer.
The new financing was provided by BridgeInvest, also based in Miami. According to a statement from the broker handling the deal, the floating-rate loan refinances Midtown Capital’s previous construction loan and will cover remaining completion costs.
Berkadia’s Mitch Sinberg and Scott Wadler represented Midtown Capital in securing the loan. The company previously obtained $64.5 million in construction financing for Astor Park in 2022.
Astor Park Flagler Village will offer apartments ranging from studios of nearly 600 square feet to penthouses approaching 1,800 square feet. The project includes four live-work ground-floor units, 2,400 square feet of retail space, and a parking garage with 318 spaces. All units are planned as market-rate rentals. The development occupies a 1.4-acre site across from Peter Feldman Park.
Representatives for Berkadia and Midtown Capital did not immediately respond to questions about pre-leasing activity at Astor Park.
Alejandro Velez leads Midtown Capital Partners, which is also developing other projects in South Florida. These include a proposed 22-story building with 348 units under the Live Local Act in Miami’s Little River neighborhood and the nearly completed 230-unit Astor Sound complex in Lake Worth Beach, for which it secured a $57 million bridge loan last September.
South Florida has experienced significant multifamily development due to an influx of out-of-state residents over recent years. Despite record completions—18,600 new units were delivered in 2024—developers have continued to start new projects. In the tri-county region alone, there were more than 14,500 apartment construction starts during the year ending September, according to CoStar Group data (https://www.costar.com/). This oversupply has resulted in slower lease-ups, declining rents, and increased concessions for renters.
Developers argue that leasing activity will recover by the time their projects are finished and say they are selecting submarkets carefully to avoid saturation.
Elsewhere in Fort Lauderdale, Moderno Development Group and 75Invest received approval last September for Art Lofts—a planned 26-story building with 265 units south of the New River—which will include 43 workforce housing apartments.
