Berkadia Arranges $127M Construction Take-Out Loan for 502-Unit Arcadian in Fort Lauderdale
Berkadia arranged $127 million in construction take-out financing from Madison Realty Capital for The Arcadian, a newly built 502-unit mixed-use multifamily community in Fort Lauderdale's Sistrunk District, the firm announced Oct. 2, 2026. The loan refinances the property's existing construction debt and provides capital as the community continues lease-up and moves toward stabilization.
Managing Directors Scott Wadler and Brad Williamson, Vice President Bobby Dockerty and Analyst Nicholas Horowitz of Berkadia Miami arranged the financing on behalf of sponsors Fuse Group and KREA Developments. The two-building property, located at 640 NW 7th Avenue, received a temporary certificate of occupancy in early 2026.
Financing Details for The Arcadian
The $127 million loan replaces the project's construction financing. Centennial Bank provided an approximately $84.4 million construction loan in 2024, meaning the new take-out loan is roughly $42.6 million larger than the earlier facility. The reported total development budget is approximately $153.4 million.
"The Arcadian is a significant project not only because of its scale, but because of what Fuse Group and KREA have created in a part of Fort Lauderdale that is undergoing meaningful investment and transformation," said Wadler. "The sponsors have executed on an ambitious vision for the property, and the financing provides the runway to carry that momentum through lease-up and stabilization."
Samir Tejpaul, Head of Investments at Madison Realty Capital, said the firm is structured to provide capital across a project's life cycle. "Madison is built to provide capital at every stage of a project's life cycle, from land acquisition and construction through lease-up and stabilization, which lets us structure the right solution whenever a sponsor needs it," Tejpaul said. "The Arcadian is a newly completed, institutional-quality asset with strong leasing momentum, and this financing gives Fuse Group and KREA Developments the flexibility to complete lease-up in one of Fort Lauderdale's most dynamic neighborhoods."
Property Profile: 502 Units and Ground-Floor Commercial Space
The Arcadian comprises 502 studio, one- and two-bedroom apartments across two eight-story buildings. Of those, 151 apartments, about 30% of the total, are designated as attainable housing for qualified households earning between 100% and 120% of area median income. The development also includes approximately 15,000 square feet of ground-floor commercial space intended for neighborhood-serving businesses and entrepreneurs, and approximately 629 parking spaces.
Amenities include a resort-style pool deck, an outdoor LED video wall, a 24/7 fitness center, an indoor pickleball court, dual golf simulators, a sauna, a private clubhouse, coworking spaces and offices, and a meditation courtyard. Apartment homes feature quartz countertops, modern cabinetry, energy-efficient appliances, wood-style flooring, in-home washers and dryers, floor-to-ceiling windows and private balconies or patios.
The project's scope grew during development. Planning materials from 2022 and 2023 described a 480-unit project with roughly 5,235 square feet of commercial space, while the 2024 construction-financing announcement cited 478 units. The completed property has 502 units, an increase of 22 from the original plan.
Sistrunk District Redevelopment Context
The Arcadian is part of ongoing redevelopment in Fort Lauderdale's historic Sistrunk District, where Fuse Group has been active for several years. The project received a $10 million investment from the Fort Lauderdale Community Redevelopment Agency. Earlier city materials identified Sunshine Shipyard LLC, an affiliate of Fuse Group, as the developer of the project, which sits at the northeast corner of Sistrunk Boulevard and NW 7th Avenue.
The development incorporates a pedestrian-oriented Paseo connecting its residential and commercial components. The property is near Flagler Village and Downtown Fort Lauderdale, with access to Las Olas Boulevard, Brightline's Fort Lauderdale station, I-95 and Fort Lauderdale-Hollywood International Airport.
Bridge Between Completion and Stabilization
The financing arrives at the transition between construction and operations. The property has received its temporary certificate of occupancy but remains in lease-up, and the new loan replaces construction debt while Fuse Group and KREA Developments work toward stabilization. Madison Realty Capital and Berkadia each described the loan as providing capital through lease-up and stabilization.
The property adds 502 apartments, including the 151 attainable units, to the Fort Lauderdale market, so leasing pace will be a key factor as the sponsors move the property toward stabilized operations.
Sources
Berkadia, "Berkadia Arranges $127M Construction Take-Out Financing for the Arcadian in Fort Lauderdale": https://www.berkadia.com/news/the-arcadian-fort-lauderdale-fl-financed-by-berkadia-2026/