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Madison Realty Capital provides $127M refi for 502-unit Arcadian in Fort Lauderdale
The $127 million construction takeout loan refinances the Arcadian’s existing $84.5 million construction loan issued by Centennial Bank in 2024, as the property moves toward stabilization.
Madison Realty Capital has provided a $127 million construction takeout loan for the newly completed multifamily development known as the Arcadian in Fort Lauderdale, Commercial Observer reports.
The 502-unit, two-building complex at 640 Northwest Seventh Avenue received a temporary certificate of occupancy earlier this year, and the transaction is intended to refinance an existing $84.5 million construction loan.
Commercial Observer adds that the loan will replace the Centennial Bank construction debt issued in 2024, while the Arcadian continues to lease up and work toward stabilization.
The outlet also reports that Fuse Group and KREA Developments developed the project, with local support from the Fort Lauderdale Community Redevelopment Agency, including $10 million in funding that features an $8 million forgivable loan from its Development Incentive Program.