An affiliate of Prospect Real Estate Group and Midtown Capital Parners broke ground on an apartment complex in the Flagler Village neighborhood of Fort Lauderdale after obtaining a $53.4 million construction loan.

Bank OZK provided the mortgage to Midtown PAL Flagler Village LLC, an affiliate of New Smyrna Beach-based Prospect Real Estate Group and Miami-based Midtown Capital Partners. It covers the 1.4-acre site at 600 N.E. Third Ave. Forum Real Estate Group also provided $11.1 million in additional financing for the deal.

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