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 developer is planning to complete the 252-unit complex, which consists of two 12-story buildings at 333 Northeast Sixth Street, by this summer. The development comes at a time when South Florida is experiencing a surplus in multifamily housing due to years of heavy construction.
BridgeInvest, also based in Miami, provided the floating-rate loan that refinanced Midtown Capital’s earlier construction financing and covered the remaining costs needed to finish the project. Mitch Sinberg and Scott Wadler from Berkadia represented Midtown Capital in securing this latest financing.
Astor Park will offer apartments ranging from studios of about 600 square feet to penthouses nearly 1,800 square feet in size. The complex will feature four live-work ground-floor units, 2,400 square feet of retail space, and a parking garage with 318 spaces. All residential units are set at market-rate rents. The property occupies a 1.4-acre site across from Peter Feldman Park.
Inquiries regarding pre-leasing activity at Astor Park were not immediately answered by either Berkadia or Midtown Capital.
Midtown Capital Partners is led by Alejandro Velez and has other projects underway in South Florida. These include plans for a 22-story building with 348 units under the Live Local Act in Miami’s Little River neighborhood and the development of Astor Sound, a nearly completed 230-unit apartment complex in Lake Worth Beach for which it obtained a $57 million bridge loan last September.
The influx of new residents moving to South Florida over recent years prompted developers to launch numerous multifamily projects as demand surged. Despite record completions—18,600 units delivered in 2024 alone—the region continued to see strong construction activity with more than 14,500 new apartment starts recorded over the year ending last September, according to CoStar Group data (https://www.costar.com/). This increase in supply has resulted in slower leasing rates, decreased rents, and additional concessions being offered by landlords.
Developers remain optimistic that leasing momentum will return as current projects reach completion and emphasize that they are selecting submarkets carefully to avoid oversaturation.
Elsewhere in Fort Lauderdale, Moderno Development Group and 75Invest received approval last September for their Art Lofts project—a planned 26-story building with 265 units including 43 designated for workforce housing south of the New River.
