Northmarq’s West Palm Beach Debt + Equity team arranges $59 million refinance of Old Town Square apartments

POMPANO BEACH, Fla. (March 10, 2025) — Northmarq’s West Palm Beach Debt + Equity team of David Gahagan, Chris Hammel and Chandler Kaye successfully arranged the $59 million refinance of Old Town Square, a 281-unit mid-rise apartment complex located at 200 NE 1st Avenue in Pompano Beach, Florida.

Northmarq arranged a bridge loan on behalf of the borrower, Adache Real Estate, through a correspondent life insurance company. The transaction was structured on a three-year, interest-only term with extension options.

“We appreciate the opportunity to provide the lease-up bridge financing for the Adache group. Adam built a terrific product, which features an exceptional amenity package and pool deck along with well-appointed unit interiors,” Gahagan said. “Pompano Beach is experiencing a tremendous resurgence in commercial and residential development throughout the city, and the historic Old Town District is an entertainment, arts and retail neighborhood anchored by Old Town Square Apartments. The City of Pompano provided a TIF financing as an economic incentive for the project.”

Completed in 2024, Old Town Square features studio, one- and two-bedroom apartments reflecting the elevated lifestyle of Pompano Beach. The complex has as resort-style experience with next-level perks. Units include stainless steel and energy-efficient appliances, quartz countertops, modern cabinetry, subway tiled backsplash, walk-in closets, an in-home washer and dryer, impact windows and doors, fob door access and wood-style flooring. Some units offer private balconies as well as high-end tubs and showers.

Community amenities feature a resort-style swimming pool, a hot tub, a summer kitchen with barbecue grills, a gaming deck, 24/7 professional fitness center, a yoga deck, social lounge, co-working lab, community bicycles, concierge package management, on-site mini market, 24/7 property management, a well-maintained sauna, and an extended dog run.

Located in modern and vibrant Pompano Beach, Old Town Square is within close proximity of restaurants, shopping, supermarkets, local parks, Pompano Beach Golf, and more. It has quick access to West Atlantic Blvd, Interstate 95 and U.S. Highway 1. It is roughly two miles from beaches along the Atlantic Ocean, and it is roughly 40 miles from downtown Miami.