Dependable Equities secured $54 million in bridge financing for a two-tower residential development in Fort Lauderdale. CDK Capital originated the loan, with Valley National Bank participating as a co-lender.

The project sits on two parcels at 101 Southeast Seventh Street and 633 Southeast Third Avenue, positioned just south of downtown Broward. Preconstruction loans fund development during planning and permitting phases before construction begins and permanent financing takes over.

For developers, bridge financing accelerates project timelines by providing capital upfront without waiting for construction completion. For residents, this type of lending typically leads to faster project delivery once building starts. Investors benefit from the completed assets reaching market sooner.

Valley National Bank's participation signals institutional confidence in Fort Lauderdale's residential market. The bank's involvement as co-lender broadens the risk and distributes capital across multiple institutions, a standard practice for loans of this size.

Fort Lauderdale continues drawing developer capital despite broader market headwinds. Residential projects in South Florida attract New York-based developers like Dependable Equities, who view the region as a growth market with sustained demand from buyers relocating from the Northeast.

CDK Capital's role as originator means the firm sourced the loan and structured the deal before syndication. Lenders typically retain a portion while selling portions to partners like Valley National, spreading exposure across the capital stack.

The $54 million commitment reflects the project's stage and scope. Preconstruction financing usually runs 18 to 24 months, timed to cover planning, permits, and loan conversion to permanent construction debt.

For Fort Lauderdale, this deal confirms continued appetite from institutional lenders for residential development despite rising interest rates and construction costs. Two-tower projects indicate substantial scale, likely yielding hundreds of units once completed.

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