North River Partners and Amzak Capital Management provide $68.5m construction loan for development in Fort Lauderdale

Fort Lauderdale, FL North River Partners, a New York-based real estate credit platform in partnership with Amzak Capital Management, a private investment firm located in Boca Raton, has provided a $68.5 million construction loan for the development of Flats Flagler Gateway, a 215-unit Class A multifamily project located at 745 N Andrews Ave. 

The financing supports the ground-up development of a 12-story, approximately 350,000 s/f residential building situated on a 1.46-acre site in the city’s Flagler Village neighborhood. The project is being developed by an affiliate of CEDARst Companies, a nationally active multifamily developer, with construction anticipated to commence in May and completion projected for mid-2028. The loan carries a 36-month term.

“This transaction reflects our continued belief that South Florida remains in the early stages of its growth, as well as our conviction in the Live Local program, shrewdly designed to address the region’s acute housing shortage,” said Jeff Rosenfeld, co-founder of North River Partners. “Flats Flagler Gateway is a compelling opportunity to support a well-located multifamily development addressing both market-rate and workforce housing demand in one of South Florida’s most dynamic growth markets.”

The loan was structured as part of the approximately $100 million capitalization, with North River Partners providing construction financing alongside sponsor equity, while Ackman-Ziff Real Estate Group’s Andrew Rudy, and Jordan Brustein served as exclusive advisor in arranging the financing. The transaction marks North River Partners’ second loan with CEDARst Companies.

“We are pleased to expand our relationship with CEDARst through this financing,” said Sean Robertson, co-founder of North River Partners. “Flagler Village underscores our commitment to relationship lending at North River and our confidence in CEDARst to execute on their development strategy in growth markets throughout the US.”

Flats Flagler Gateway will feature a mix of studio, one-, two- and three-bedroom apartments, including both market-rate and workforce housing units, along with structured parking and a comprehensive amenity package. Planned amenities include a fitness center, pool and outdoor deck, and coworking space, among other lifestyle-oriented features designed to meet the needs of modern renters. The development is located near downtown Fort Lauderdale and adjacent to major mixed-use projects, reinforcing the area’s continued growth as a residential and lifestyle destination.

“Breaking ground on 745 N Andrews is a significant milestone for CEDARst, our second construction start in Florida and a project we believe will deliver much-needed, well-designed housing to Fort Lauderdale,” said Griffin Epping, director of CEDARst. “We are proud to once again work alongside North River Partners and Hogan Brothers on this development. 745 N Andrews further expands CEDARst’s national Opportunity Zone strategy.”