Northmarq secures $88 million refinance of 336-unit luxury apartments in Dania Beach, FL

WEST PALM BEACH, Fla. (June 7, 2024) — Northmarq’s West Palm Beach Debt + Equity team of David Gahagan, Chris Hammel and Chandler Kaye secured the $88 million refinance of Avery Dania East apartments in Dania Beach, Florida. Built in 2023, the multifamily property features 336 units at 120 N Compass Way.

Northmarq arranged financing on behalf of a repeat-client through a relationship with a balance sheet debt fund and a mezzanine partner. The transaction was structured on a 3-year term with 3 years of interest-only payments.

"The class A project attracted significant interest and ultimately the debt was awarded to Blackrock and Steeprock through a senior and mezzanine structure allowing the sponsor to continue their business plan through stabilization,” said Gahagan. “The debt assignment was to deliver a 3-year interest only loan at proceeds sufficient to cover the outstanding debt with a recent certificate of occupancy in December of 2023. The project is currently 45% leased.”

Dania Pointe East is located in the Kimco master development, Dania Pointe, a meticulously planned lifestyle community comprised of 1 million sq. ft. of retail and restaurant space, six hotels, over 500,000 sq. ft. of office including the new Spirit Airlines headquarters, and the 600 rental units developed by The Meyers Group.

“We are grateful for The Meyers-Accesso Group entrusting Northmarq with this assignment and pleased we could deliver terms that met expectations,” added Gahagan.