WEST PALM BEACH, Fla. (August 14, 2023) — Northmarq’s West Palm Beach debt and equity team of David Gahagan, Chris Hammel, and Chandler Kaye secured $46.18 million in construction financing for the development of a 200-unit Class A multifamily property located in Lake Worth, FL. Northmarq arranged financing on behalf of Meyers Accesso through its correspondent relationship with a life insurance company that provided financing with an additional mezzanine loan structure.
“We are pleased to have provided the construction financing for Meyers Accesso for their Avery Lake Worth project,” said Gahagan. “This was our third transaction with them in the last 18 months. The non-recourse construction loan was structured to meet the needs of developer and their EB5 limited partner for a project that is intended to capture the strong demand for housing from the ‘missing middle’ renter with rents in the $1,700-$2,500 range.”
Located at 3300 Boutwell Road in Lake Worth, FL, the 200-unit project will be housed in two, five-story buildings and will feature studio, one- and two-bedroom units. The gated community will feature a clubhouse, state-of-the-art fitness center, resort-style pool with bar-be-que areas, a private dock, bird sanctuary and a dog park with a dog wash. The community is situated on five acres in the southwest quadrant of I-95 and 10th Avenue North interchange.