Northmarq’s West Palm Beach Debt + Equity team of David Gahagan, Chris Hammel and Chandler Kaye successfully arranged the $59 million refinance of Old Town Square, a 281-unit mid-rise apartment complex located at 200 NE 1st Avenue in Pompano Beach, Florida.
Northmarq arranged a bridge loan on behalf of the borrower, Adache Real Estate, through a correspondent life insurance company. The transaction was structured on a three-year, interest-only term with extension options.
“We appreciate the opportunity to provide the lease-up bridge financing for the Adache group. Adam built a terrific product, which features an exceptional amenity package and pool deck along with well-appointed unit interiors,” Gahagan said. “Pompano Beach is experiencing a tremendous resurgence in commercial and residential development throughout the city, and the historic Old Town District is an entertainment, arts and retail neighborhood anchored by Old Town Square Apartments. The City of Pompano provided a TIF financing as an economic incentive for the project.”
Completed in 2024, Old Town Square features studio, one- and two-bedroom apartments reflecting the elevated lifestyle of Pompano Beach. The complex has as resort-style experience with next-level perks. Units include stainless steel and energy-efficient appliances, quartz countertops, modern cabinetry, subway tiled backsplash, walk-in closets, an in-home washer and dryer, impact windows and doors, fob door access and wood-style flooring. Some units offer private balconies as well as high-end tubs and showers.
Located in modern and vibrant Pompano Beach, Old Town Square is within close proximity of restaurants, shopping, supermarkets, local parks, Pompano Beach Golf, and more. It has quick access to West Atlantic Boulevard, Interstate 95 and U.S. Highway 1. It is roughly two miles from beaches along the Atlantic Ocean, and it is roughly 40 miles from downtown Miami.
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion.
