Northmarq Secures $88M Refinance of 336-unit Avery Dania East Luxury Apartments in Dania Beach Florida

YieldPRO

June 13, 2024

Northmarq’s West Palm BeachDebt + Equity team of David Gahagan, Chris Hammeland Chandler Kaye secured the $88 million refinance of Avery Dania East apartments in Dania Beach, Florida.

Northmarq arranged financing on behalf of a repeat-client through a relationship with a balance sheet debt fund and a mezzanine partner. The transaction was structured on a 3-year term with 3 years of interest-only payments.

“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 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.”

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

“We are grateful for The Meyers-Accesso Group entrusting Northmarq with this assignment and pleased we could deliver terms that met expectations,” added Gahagan.

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with a flexible structure, enabling our national team of experienced professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of more than $37 billion and a loan servicing portfolio of nearly $76 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq introduces clients to expanded opportunities across all major asset classes.