Midtown Capital Partners has secured an $84 million construction bridge loan for its Astor Park Flagler Village apartment development in Fort Lauderdale. The Miami-based firm is on track to finish the 252-unit project, which consists of two 12-story buildings at 333 Northeast Sixth Street, by this summer.
BridgeInvest, also based in Miami, provided the floating-rate loan. According to a news release from the broker representing the financing, this new loan refinances Midtown Capital’s earlier construction loan and will cover remaining costs to complete the complex.
Mitch Sinberg and Scott Wadler of Berkadia represented Midtown Capital in securing the loan. In 2022, Midtown had obtained $64.5 million in construction financing for Astor Park.
The planned apartments at Astor Park range from studios of nearly 600 square feet to penthouses up to about 1,800 square feet. The development will feature four live-work ground-floor units, 2,400 square feet of retail space, and a garage with capacity for 318 vehicles. All residential units are set at market-rate rents. The property sits on a 1.4-acre site across from Peter Feldman Park.
Berkadia and Midtown Capital did not respond immediately to inquiries regarding pre-leasing activity at Astor Park.
Midtown Capital Partners is led by Alejandro Velez. The company is also planning a 22-story building with 348 units under Florida’s Live Local Act in Miami’s Little River neighborhood and is developing the 230-unit Astor Sound apartment complex in Lake Worth Beach. In September, Midtown secured a $57 million bridge loan for Astor Sound as it neared completion.
Recent years have seen multifamily developers increase activity in South Florida as more residents move from out-of-state and demand for apartments grows. Despite completing a record number of units—18,600—in 2024, developers continued starting new projects; between October 2023 and September 2024, there were over 14,500 apartment construction starts across the tri-county area according to CoStar Group (https://www.costar.com). This high level of supply has contributed to slower leasing rates, rent decreases, and increased concessions offered by landlords.
Developers argue that leasing activity will recover by the time their buildings are finished and emphasize that they select submarkets carefully to avoid oversaturating any particular area.
Elsewhere in Fort Lauderdale, Moderno Development Group and 75Invest received site plan approval last September for Art Lofts—a proposed 26-story tower featuring 265 apartments including 43 workforce housing units located south of the New River.
