CEDARst Companies Secures $68.5M Construction Loan for Flats Flagler Gateway Multifamily Development in Fort Lauderdale

CEDARst has closed on a $68.5 million construction loan to finance the ground-up development of Flats Flagler Gateway, a 215-unit Class A multifamily project located at 745 N Andrews Ave. in Fort Lauderdale's Flagler Village neighborhood, the Chicago-based firm announced April 23, 2026.

The financing was provided by North River Partners and Amzak Capital Management and carries a 36-month term. The loan represents the primary debt component of an approximately $100 million total capitalization for the project. Ackman-Ziff's Andrew Rudy and Jordan Brustein served as exclusive advisor in arranging the financing.

Project Overview: Flats Flagler Gateway

Flats Flagler Gateway will rise 12 stories on a 1.46-acre site, encompassing approximately 350,000 square feet of residential space. The development will feature a mix of studio, one-, two-, and three-bedroom apartments, including both market-rate and workforce housing units. Planned amenities include a fitness center, a pool and outdoor deck, and coworking space.

Construction is anticipated to commence in May 2026, with project completion projected for mid-2028.

Financing Structure

The $68.5 million construction loan was structured as part of the broader approximately $100 million capitalization for the development. North River Partners and Amzak Capital Management jointly provided the debt, while Ackman-Ziff Real Estate Group's Andrew Rudy and Jordan Brustein arranged the financing on behalf of the borrower.

CEDARst's Recent Activity

According to the firm, CEDARst has been active across multiple markets in recent months. In March 2026, CEDARst broke ground on a new apartment complex in the Las Vegas Medical District. Earlier that same month, the firm acquired the 198-unit Avra West Loop tower in Chicago for $66 million, described as its third multifamily acquisition in that city in less than a year.

About the Parties

CEDARst Companies is a Chicago-based multifamily developer and operator. North River Partners and Amzak Capital Management served as co-lenders on the construction financing. Ackman-Ziff Real Estate Group, represented by Andrew Rudy and Jordan Brustein, arranged the debt placement.

Sources: CEDARst Companies press release, April 23, 2026. https://www.cedarst.com/news/fort-lauderdale-apartment-developer-closes-on-68-5m-construction-loan