Fuse Group and KREA Developments secured a $127 million construction take-out loan for a 502-unit multifamily community in Fort Lauderdale. The Arcadian initially became subject to an $84.5 million construction loan issued by Centennial Bank in 2024.
Madison Realty Capital issued the note in a deal arranged by Berkadia. Proceeds will refinance existing debt and provide capital in support of lease-up and stabilization strategies at the property.
The Arcadian came online in January. The community includes 151 attainable housing units catering to households earning between 100 percent and 120 percent of the area median income.
Fort Lauderdale Community Redevelopment Agency also provided a $10 million contribution.
I read this as one lender's answer to a question every new building faces: how much patience can you buy?
The next time you see a take-out loan, ask what rent it needs to work.