Forum Capital Advisors, an affiliate of Denver-based Forum Investment Group, has secured financing for a Class A, 252-unit project in Fort Lauderdale, Fla. The company partnered with Bank OZK for the construction financing, totaling approximately $66 million in senior and subordinated debt.
Flagler Station will be a 12-story building expected to be completed in 2024. The multifamily property will include 252 units with floorplans averaging 757 square feet. Common-area amenities will include a swimming pool, outdoor kitchen, pet park and 2,087 square feet of ground-floor retail space.
The project will be in the Flagler Village neighborhood of Fort Lauderdale, close to Interstate 95, 5.6 miles from the University of Fort Lauderdale, 6 miles from Fort Lauderdale-Hollywood International Airport and close to multiple dining and retail options.
Year-to-date through April, developers delivered 3,256 units and $2 billion in multifamily assets traded across South Florida, according to a recent Yardi Matrix report. Central Fort Lauderdale is a big capital magnet, with $818 million in multifamily transactions closing in the submarket in the 12 months ending in April, the same source shows.