Midtown Capital, Prospect Nab FLL Rentals Construction Loan
Midtown’s Alejandro Velez and Prospect Real Estate’s Michele Zahn, and Richard Zahn Sr. with rendering of Advantis Station (Midtown Capital Partners, Prospect Real Estate Group, Baker Barrios)
Midtown Capital Partners and Prospect Real Estate Group scored a $64.5 million construction loan for a multifamily project in Fort Lauderdale’s Flagler Village neighborhood.
The joint venture plans to build the 252-unit Advantis Station on 1.4 acres on the northeast corner of Northeast Sixth Street and Northeast Third Avenue, according to a news release from the financing brokers. The address is 600-618 Northeast Third Avenue, records show.
Dustin Stolly and Jordan Roeschlaub led the Newmark team that represented the developers. The lenders are Forum Real Estate Group and Bank OZK.
The 12-story Advantis Station will offer studios, as well as one- to four-bedroom apartments. It will have 300 parking spaces and ground-floor retail, the release says.
Construction is ongoing, and completion is expected in the fall of 2024.
The building is across from Peter Feldman Park and walking distance from Brightline’s downtown Fort Lauderdale station.
Miami-based Midtown Capital Partners, founded in 2010, has spent more than $500 million in acquisitions over the past five years, according to the release. Its other South Florida projects include Astor-branded multifamily developments in Lake Worth Beach and other parts of Fort Lauderdale. Alejandro Velez is the CEO.
Prospect, based in New Smyrna Beach, Florida, is a real estate investor and developer, the release says. Michele Zahn is president and CEO, and Richard Zahn is chairman.
Prospect purchased the Advantis development site for $11 million in April.
Flagler Village has been transformed from a warehouse district to a hub of edgy retailers in repurposed industrial buildings. It also is seeing new development and investment sales activity.
This month, Asana Partners paid $10 million for the office building at 707 Northeast Third Avenue and the adjacent warehouse.
In March, an entity tied to California-based property management company Thomas Tomanek & Associates bought the newly built 385-unit Motif apartment building at 500 North Andrews Avenue for $195 million.
The district also is poised for new development. Aimco is planning a 3 million-square-foot mixed-use project with 1,500 apartments on a 9-acre site at and near 901-927 North Federal Highway. In June, Aimco scooped up a 5.6-acre portion of the assemblage for $64 million.
