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

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FINANCED
$59,000,000
Chandler Kaye
Chris Hammel
David (Dave) Gahagan

Florida

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MultiFamily
Financed 03/12/2025
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FINANCED

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

200 Northeast 1st Avenue

See Similar Deals
MultiFamily
Financed 03/12/2025
Chandler Kaye
Chris Hammel
David (Dave) Gahagan
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:MultiFamily
Transaction Type:Loan

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.

Players

Chandler Kaye
NorthMarq
Chandler Kaye
4 deals$274.7M volume
BROKER
Chris Hammel
NorthMarq Capital
Chris Hammel
5 deals$265.7M volume(850) 559-1213
BROKER
David (Dave) Gahagan
NorthMarq
David Gahagan
6 deals$360.7M volume(561) 612-0545
BROKER

Details

FINANCED
IMAGE: Chandler Kaye, David Gahagan & Chris Hammel DATE: 03/12/2025 ADDRESS: 200 Northeast 1st Avenue MARKET: Pompano Beach ASSET TYPE: Multifamily ~ UNITS: 281 LANDLORD: Adache Real Estate BROKERS: Chandler Kaye, Chris Hammel & David Gahagan - NorthMarq (@NorthMarq) LOAN AMOUNT: $59,000,000 LOAN TERMS: three-year term, interest-only payments and extension options NOTE: Northmarq secured a $59 million bridge loan for Adache Real Estate to refinance Old Town Square, a 281-unit midrise apartment community in Pompano Beach. The three-year, interest-only loan was arranged through a life insurance company, with the project receiving TIF financing from the city as an economic incentive.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$59,000,000.00

Monthly NOI$393,333.33
Monthly Debt Service$372,920.13
Change in Cash Flow$0.00
Refinance Proceeds$0.00