Madison Realty Capital has provided $127 million in construction takeout financing for Arcadian, a 502-unit multifamily project in Fort Lauderdale. The financing supports a development that has recently reached completion.
Fuse Group and KREA Developments developed the two-building property at 640 Northwest Seventh Avenue, near Northwest Sixth Street. Arcadian received a temporary certificate of occupancy earlier this year, according to Commercial Observer.
Construction takeout loans typically replace development financing as a project moves from construction into leasing and stabilized operations. For a newly delivered apartment community, the structure can provide longer-term capital while ownership focuses on occupancy and property operations.
The transaction adds to the financing activity surrounding newly completed rental housing in Fort Lauderdale, where developers and lenders are assessing the transition of projects from construction pipelines into operating assets.
