Fort Lauderdale, Florida, September 16, 2025
News Summary
JLL Capital Markets structured two major multifamily financings as downtown Fort Lauderdale continues to expand. The firm secured a $28 million construction loan through Goldman Sachs for Continua Developments’ URBANIA® Flagler 1st Ave in Flagler Village and arranged a $117 million three-year floating-rate refinancing for Rivr Lofts, a newly completed 29-story, 352-unit luxury tower that reported roughly 65% leasing. The deals underscore growing investor demand for South Florida multifamily assets amid rising deliveries, strong net absorption, and continued downtown development driven by finance, tech and creative-sector projects.
Two Major Fort Lauderdale Multifamily Financings Move Forward as Downtown Expansion Accelerates
JLL Capital Markets arranged two large debt transactions tied to new and recent multifamily development in downtown Fort Lauderdale: a $28 million construction loan through Goldman Sachs for a Flagler Village residential project and a separate $117 million floating-rate refinancing for a newly completed luxury high-rise in the Tarpon River district. Both deals reflect growing investor and lender focus on South Florida housing and downtown Fort Lauderdale’s expanding role as a regional economic center.
Construction financing for URBANIA® Flagler 1st Ave
Continuing its U.S. expansion, Continua Developments secured a $28 million construction loan for the URBANIA® Flagler 1st Ave residential development in the Flagler Village neighborhood. The loan was provided by Goldman Sachs and was structured by JLL Capital Markets on behalf of the borrower. The JLL Debt Advisory team on the transaction was led by Managing Director Max La Cava, Director Jimmy Calvo and Director Kenny Cutler.
The URBANIA financing represents Continua’s first entry into the Fort Lauderdale market after the developer’s decision in 2021 to expand into the United States. After market analysis, Continua selected South Florida for its combination of economic fundamentals and long-term growth prospects. The funding marks a key development step as the project advances through construction.
$117M refinancing for Rivr Lofts
Separately, Moderno Development Group closed a $117 million three-year, floating-rate refinancing for Rivr Lofts, a newly completed 29-story Class A multifamily building at 307 SW 5th St. in the Tarpon River Entertainment & Design District. JLL Capital Markets arranged the loan on behalf of Moderno, with the JLL Debt Advisory team led by Scott Aiese, Alex Staikos and Michael DiCosimo. The lender was not disclosed.
Rivr Lofts delivered 352 units and roughly 231,113 rentable square feet, with an average unit size of 649 square feet. The property includes a mix of studios and one- and two-bedroom residences, 2,700 square feet of retail, 300 parking spaces in a multi-level structure, and a range of amenity features such as a rooftop pool offering river, city and ocean views, a rooftop lounge, fitness center and a 3,000-square-foot coworking space. The building was completed in November and was approximately 65 percent leased at the time of the refinancing. Typical rents run from about $2,490 to $3,457, with an average near $2,846.
Context: Downtown Fort Lauderdale’s accelerating growth
These financings arrive as downtown Fort Lauderdale continues to expand its economic footprint. The downtown area covers roughly 2.2 square miles, representing less than 1 percent of Broward County’s land mass but accounting for about one-third of the county’s economic output and roughly one-quarter of its jobs. The downtown supports approximately 224,000 jobs and generates a reported $43 billion in annual economic impact, figures highlighted in a recent economic impact report by the Fort Lauderdale Downtown Development Authority (DDA).
The DDA report shows downtown economic impact grew 20 percent since 2022 and surged 44 percent since 2019. The report also points to a growing cluster of tech and innovation activity, with finance and professional services forming a substantial share of the downtown workforce. About half of downtown jobs are in high-value industries—finance, technology, healthcare and professional services—which is a higher share than several Sunbelt peer cities cited in the report.
Several transformational developments are noted as fueling momentum: a planned six-story, timber-built Class AA T3 office campus in FAT Village with a first phase that could deliver up to 180,000 square feet of office space; a planned 60-acre global headquarters and technology-entertainment campus for a major firm that could host up to 1,000 employees and open next year; and multiple residential towers and mixed-use projects under way or in planning across the market.
Market metrics also point to rising demand for rental housing. Institutional Property Advisors reported Fort Lauderdale completions rose to 5,559 units over the period referenced, an increase of 820 units over the prior 12 months and the fastest pace since 2021. Deliveries expanded market inventory by about 2.7 percent, and market vacancy fell roughly 60 basis points to nearly 5 percent as of March. The market showed strong net absorption early in 2025, driven in part by employment gains.
What this means for local development
The two financings illustrate continuing lender interest in South Florida multifamily and mixed-use projects at different stages—construction lending and post-completion refinancing. They also align with broader downtown trends: growing office and tech activity, steady multifamily deliveries, and targeted urban projects designed to attract employees and residents to a compact, walkable core.
FAQ
What projects were financed?
Two deals: a $28M construction loan for URBANIA® Flagler 1st Ave in Flagler Village and a $117M refinancing for Rivr Lofts in Tarpon River.
Who arranged the loans?
JLL Capital Markets arranged both transactions. The URBANIA loan was provided by Goldman Sachs. The Rivr Lofts lender was not publicly disclosed.
What is Rivr Lofts?
Rivr Lofts is a newly completed 29-story, 352-unit Class A multifamily tower with retail, rooftop amenities and coworking space, located near downtown Fort Lauderdale’s business district and Las Olas Boulevard.
How does this fit into downtown Fort Lauderdale’s growth story?
Both financings occur as downtown Fort Lauderdale reports significant economic growth, rising deliveries of apartments, and new office and tech-focused developments that are expanding the downtown’s role in the regional economy.
Where can I find the economic impact data?
The Fort Lauderdale Downtown Development Authority released an economic impact report summarizing jobs, output and growth trends referenced above.
Key features at a glance
| Feature | URBANIA® Flagler 1st Ave | Rivr Lofts |
|---|---|---|
| Transaction type | Construction loan | Three-year floating-rate refinancing |
| Loan amount | $28,000,000 | $117,000,000 |
| Lender | Goldman Sachs | Not disclosed |
| Developer / Borrower | Continua Developments | Moderno Development Group |
| Location | Flagler Village, Fort Lauderdale | Tarpon River Entertainment & Design District, Fort Lauderdale |
| Units / Size | Project-level residential development (size unspecified) | 352 units; ~231,113 rentable sq ft; avg unit 649 sq ft |
| Amenities & highlights | Planned high-quality residential community | Rooftop pool, lounge, coworking, fitness, retail, controlled access |
Deeper Dive: News & Info About This Topic
Additional Resources
- MultiHousingNews: Moderno refinances Fort Lauderdale luxury high-rise
- Wikipedia: Fort Lauderdale
- YieldPro: URBANIA® Flagler 1st Ave (URBANIA)
- Google Search: URBANIA Flagler 1st Ave
- Refresh Miami: Fort Lauderdale on the rise — tech & finance report
- Google Scholar: Fort Lauderdale downtown economic impact
- South Florida Agent Magazine: Andare financing
- Encyclopedia Britannica: Flagler Village
- Zacks (media): Related finance/market article
- Google News: Fort Lauderdale real estate financing
Author: Construction CA News
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