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120 North Compass Way

NorthMarq Facilitates $88M Refinance For Avery Dania East Multifamily Property
FINANCEDMultiFamily

NorthMarq Facilitates $88M Refinance For Avery Dania East Multifamily Property

120 North Compass Way

$88,000,000

Building Size

Asset Type

MultiFamily

Closing

Jun 12, 2024

AI

The Avery Dania East apartments, located at 120 North Compass Way in Dania Beach, Florida, consist of 336 units. Northmarq’s Debt + Equity team facilitated an $88 million refinancing for the property, involving senior and mezzanine structures from Blackrock and Steeprock. This financing allowed The Meyers Group and Accesso Partners to pursue their business plan for the property.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $88,000,000
  • Landlord: Stuart Meyers - The Meyers Group; Ariel Bentata - Accesso Partners
  • Broker: David Gahagan - NorthMarq
  • Loan Type: Refinance
  • Loan Terms: 3-year interest-only loan
  • Market: Dania Beach

The financing for the Avery Dania East apartments was arranged with the assistance of David Gahagan from NorthMarq, who played a crucial role in securing the $88 million refinancing. The sponsors, Stuart Meyers and Ariel Bentata, benefited from the involvement of Blackrock and Steeprock in providing the necessary senior and mezzanine structures for the refinancing deal.

Players

David Gahagan

NorthMarq

Broker

$360.7M

vol

6 deals

Broker

Dania MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.18%

Cash-on-Cash

-0.05%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93