Dania Beach Investors Obtain $88M Refi

Connect CRE

By Mike Boyd

June 12, 2024

A Northmarq’s Debt + Equity team secured an $88 million refinance of Avery Dania East apartments in Dania Beach, Florida. Built in 2023, the multifamily property features 336 units at 120 N Compass Way.

Northmarq arranged financing on behalf of The Meyers Group and Accesso Partners.

“The class A project attracted significant interest and ultimately the debt was awarded to Blackrock and Steeprock through a senior and mezzanine structure allowing the sponsor to continue their business plan through stabilization,” said Northmarq’s David Gahagan. “The debt assignment was to deliver a 3-year interest-only loan at proceeds sufficient to cover the outstanding debt with a recent certificate of occupancy in December of 2023. The project is currently 45% leased.”

Dania Pointe East is located in the Kimco master development, Dania Pointe, a planned community comprised of 1 million square feet of retail and restaurant space, six hotels, over 500,000 square feet of office including the new Spirit Airlines headquarters, and 600 rental units developed by The Meyers Group.