Madison Realty Capital Provides $127M Refinancing for Fort Lauderdale Multifamily Project

Madison Realty Capital has issued a $127 million construction takeout loan for The Arcadian, a recently completed 502-unit multifamily development in Fort Lauderdale. Located at 640 Northwest Seventh Avenue in the Sistrunk District, the two-building complex secured its temporary certificate of occupancy earlier this year. The financing will refinance an existing $84.5 million construction loan from Centennial Bank, aiding the project as it moves towards stabilization and lease-up.

The Arcadian is part of a broader development push within the Sistrunk District, Fort Lauderdale's historic African-American neighborhood. The Fort Lauderdale Community Redevelopment Agency contributed $10 million in funding, including an $8 million forgivable loan through its Development Incentive Program. The development features 151 apartments designated as affordable for residents earning 100 to 120 percent of the area's median income, alongside approximately 15,000 square feet of retail and a 629-spot parking garage. This refinancing highlights continued investment in South Florida's rental property market.