Northmarq’s Debt + Equity team has successfully secured an $88 million refinancing for the Avery Dania East apartments in Dania Beach, Florida. The multifamily property, which boasts 336 units and is located at 120 N Compass Way, was built in 2023.
The financing was arranged by Northmarq on behalf of The Meyers Group and Accesso Partners. According to David Gahagan of Northmarq, the class A project garnered significant interest and ultimately received debt from Blackrock and Steeprock through a senior and mezzanine structure. This allowed the sponsor to continue their business plan until stabilization is achieved.
Gahagan also mentioned that the debt assignment included a three-year interest-only loan with proceeds sufficient to cover outstanding debt as well as a recent certificate of occupancy issued in December 2023. Currently, the project is leased at 45%.
Dania Pointe East can be found within Kimco’s master development known as Dania Pointe. This planned community includes over one million square feet of retail and restaurant space, six hotels, more than half a million square feet of office space (including Spirit Airlines’ new headquarters), and 600 rental units developed by The Meyers Group.
This successful refinance serves as another example of Northmarq’s expertise in securing favorable financing options for its clients’ real estate projects.
