Meyers, Accesso Land $88M for 336-Unit Luxury Community

Multi-Housing News

By Vicentiu Fusea

June 10, 2024

A joint venture between The Meyers Group and Accesso Partners has obtained a refinancing package totaling $88 million for Avery Dania East. The 336-unit luxury community is in Dania Beach, Fla., a Fort Lauderdale submarket.

BlackRock Realty Advisors provided an $80 million loan, according to public records, while a mezzanine partner originated another $8 million. Northmarq arranged the three-year, interest-only deal.

Previous financing for the Class A property included a $65.3 million construction note originated by QuadReal Finance in December 2021, according to Yardi Matrix information.

The property is part of the Dania Pointe master-planned development, comprising 1 million square feet of retail space, six hotels and more than 500,000 square feet of office, as well as the first phase of the project’s multifamily component, a 264-unit community.

The eight-story building came online last year and features one-, two- and three-bedroom floorplans ranging between 695 and 1,289 square feet. Apartments have smart entry door systems, washers, dryers and private balconies or patios.

Common-area amenities include a three-story clubhouse with a swimming pool and cabanas, a spa with waterfall, a fitness center and a theater. Additionally, the community has a club room with lounge area and catering kitchen, a game room, a business center and EV charging stations.

Avery Dania East rises on more than 3 acres at 120 N. Compass Way, less than 4 miles from the Fort Lauderdale-Hollywood International Airport and less than 5 miles from Hollywood, Fla. Downtown Fort Lauderdale is some 7 miles away.

Northmarq’s West Palm Beach Debt + Equity team of Senior Vice President David Gahagan, Vice President Chris Hammel and Senior Investment Analyst Chandler Kaye arranged the transaction.

Fort Lauderdale’s growing multifamily inventory

Fort Lauderdale had 41 multifamily projects of more than 50 units under construction as of June, according to Yardi Matrix information. When complete, they will add about 11,540 units to supply. Additionally, another 224 projects were prospective or in different stages of planning.

At the end of last month, a joint venture between Fuse Group and Boca Paila secured $84.4 million in financing for the development of a 478-unit project less than 2 miles from Fort Lauderdale. That community is set to come online in 2026.

Other notable development activities in the area include BTI Partners’ topping out of a 362-unit property in downtown Hollywood. The new tower replaces an old office building, an 11-story structure that was abandoned in the 1990s.