Adache Real Estate Secures $59 Million Bridge Loan For 281-Unit Multifamily In Pompano Beach

200 Northeast 1st Avenue is a multifamily asset located in Pompano Beach, featuring a total of 281 units. The property is involved in a financial transaction with a loan amount of $59 million, structured with a three-year term and interest-only payments, along with extension options.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $59,000,000
• Units: 281
• Address: 200 Northeast 1st Avenue
• Market: Pompano Beach
• Landlord: Adache Real Estate
• Brokers: Chandler Kaye, Chris Hammel & David Gahagan - NorthMarq
• Loan Terms: three-year term, interest-only payments and extension options

NorthMarq facilitated this loan arrangement through a life insurance company, which included TIF financing from the city as an economic incentive for the project, specifically aimed at refinancing Old Town Square, the midrise apartment community.