NorthMarq Capital finalizes $26.25 million permanent financing for The Dakota at Abacoa Apartments in Jupiter, Florida

NEW JERSEY (March 4, 2016) – Gregory Nalbandian, managing director of NorthMarq Capital's New Jersey based regional office arranged $26.25 million of permanent financing for The Dakota at Abacoa Apartments, a newly constructed, super luxury multi-family project in Jupiter, Florida. Exclusively representing the borrower, a Florida based national multi-family investor, NorthMarq placed the loan with life company correspondent, PPM Finance. The Dakota at Abacoa is a 190 unit class “A” multi-housing community located in the Abacoa master planned community. The asset touts stately Bermuda style architecture comprised of one, two and three-bedroom apartments, townhomes, three-story townhomes and garden style apartments with high end finishes, 9’ ceilings and an abundance of amenities. This acquisition represents an appealing opportunity to purchase this best-in-class asset with convenient access to all major employment and retail centers in the West Palm Beach Metropolitan Area. Abacoa is home to the Scripps Florida Research Institute and Max Planck Institute, centerpieces of an emerging biotechnology hub and new company incubator in northern Palm Beach County. “The Sponsor took advantage of a very compelling opportunity in their backyard to acquire this core asset as a strategic long-term investment to complement their national portfolio,” said Nalbandian. “PPM saw an opportunity with a new target borrower, particularly at a time when the agencies are non-competitive for luxury, market rate product, and provided a very aggressive loan at an interest rate well below four percent with a substantial interest only period over a ten year term. PPM truly distinguished themselves against several other life companies in every respect to finance this acquisition.”