Northmarq secures $22.5 million refinance of 112-unit apartments in Miami, FL

WEST PALM BEACH, Fla. (July 16, 2024) — Northmarq’s West Palm Beach Debt + Equity team of David Gahagan, Chris Hammel and Chandler Kaye secured the $22.5 million refinance of Countyline Apartments in Miami Gardens, Florida. Built in 2023, the multifamily property features 112 units at 1080 NE 215th Street.

Northmarq arranged financing on behalf of a repeat-client through a relationship with a correspondent life insurance company. The transaction was structured on a 3-year term with 3 years of interest-only payments.

“We are pleased to announce the successful financing of a newly stabilized multifamily project in Miami Gardens, Fla. targeting workforce housing.  We were able to place with one of our correspondent life insurance companies,” said Gahagan. “Our borrower requested a cash out interest only loan that accepted its current insurance policy, and we are happy to have delivered.” 

Countyline Apartments are located in close proximity to the Aventura Mall and the Hard Rock Stadium, home to the Miami Dolphins and newly established Formula One racing track. Miami Gardens continues to increase development activity with the new 35-acre city center featuring two hotels,100,000 sq. ft. of retail and restaurants, the Formula One museum and additional housing units.