Forum Capital Secures $66 Million Loan for Downtown Fort Lauderdale Multi-Family Building

While population growth in Fort Lauderdale continues to hold steady, a 6.1% increase in employment is limiting the vacancy rate.

A resurgence of office users in the Class A segment of the Metro has driven rental growth and demand for amenity-rich buildings. That’s according to a Fort Lauderdale Q2 multifamily market report by Marcus & Millichap.

Growth has led to investment, with Fort Lauderdale seeing an 87% increase from 2021, with an increase in luxury and Class B/C closures.

One company to add more shares to the market is a Denver-based real estate investment and asset management firm that closed a $66 million Class A multifamily building in Fort Lauderdale.

Forum Capital Advisors LLC, secured the loan from Arkansas-headquartered Bank OZK for senior and subordinated debt financing to support the development of Flagler Station which will have 252 units. Each unit will average 757 square feet and be located within walking distance of Flagler Village, Fort Lauderdale.

While community amenities are coveted by new residential tenants, Flagler Station will follow the trend with features such as a resort-style outdoor pool and kitchen, an artificial grass dog park and 2,087 square feet of retail space. on the ground floor.

Ross MacDonald, Senior Director of Forum Investment Group, says Forum is delighted to partner with Bank OZK on construction debt.

“We are excited to continue our growth in the Florida market and look forward to future opportunities with this strong vertically integrated sponsor,” MacDonald said.

The building is expected to be completed in 2024.

Going forward, employment gaps between current employment levels and pre-pandemic numbers could point to future momentum for lower-tier assets, according to the multifamily report. With an increase in tourism in South Florida, the resumption of hospitality could push vacancy in the Meteor’s Class C stock to an all-time high.