Meyers Accesso nabs $46M in construction financing for Lake Worth Beach project

By Francisco Alvarado

August 16, 2023

Meyers Accesso, a joint venture between South Florida developers Meyers Group and Accesso Partners, secured $46.1 million in construction financing for a planned multifamily project in Lake Worth Beach. 

Iowa-based American Equity Investment Life Insurance provided a $38.2 million mortgage, and Greenwich, Connecticut-based StepRock Capital gave a $7.9 million loan for Avery Lake Worth, a proposed two-building complex with 200 apartments and 225 parking spaces, records show. 

David Gahagan and Chris Hammel led a Northmarq team that arranged the financing for Meyers Accesso, a press release states. 

In 2021, an affiliate of Aventura-based Meyers Group paid $4.1 million for the 4.7-acre vacant site, records show. A year later, the firm teamed up with Hallandale Beach-based Accesso to co-develop more than 5,000 apartments in Florida, including Avery Lake Worth, another press release states.

Meyers Accesso recently filed a notice of commencement to begin construction of Avery Lake Worth, records show. The project will offer a mix of one- and two-bedroom apartments. 

Founded by CEO Stuart Meyers in 2010, Meyers Group has developed 70 multifamily projects with more than 20,000 apartments, the firm’s website states. In February, Meyers Group sold a downtown Miami development site for $39.5 million to a partnership led by Chicago-based The John Buck Company. 

Accesso, led by managing partners Ariel Bentata, Moises Benzaquen, Claudio Dombey and Daniel Goldstein, has $3.2 billion in office assets representing more than 8 million square feet of office space across the U.S., according to the firm’s website. Accesso has also completed 1,000 apartments in Florida, North Carolina, South Carolina and Texas, the website states. 

Last year, Accesso bought a multi-tenant warehouse complex in Miami’s Allapattah neighborhood for $10.5 million from Miami Beach-based investor Robert Wennett. The industrial property is near Wennett’s proposed Miami Produce Center redevelopment site, where he is planning an eight-building mixed-use project designed by Bjarke Ingels Group.