July 20, 2017 Comments Off on Construction Financing Secured for Avery Place in Pompano Beach Views: 772 Florida, National News, Southeast

Construction Financing Secured for Avery Place in Pompano Beach

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Meridian Capital Group arranged $21.7 million in ground-up construction financing for the development of the Meyers Group’s Avery Place at Pompano, an eight-story multifamily property in Pompano Beach, FL. Upon completion, the 163,000-square-foot Class A multifamily property will include 145 luxury rental units and an attached garage.

The three-year construction loan, provided by a balance sheet lender, features a floating rate of 3.50% over 30-day LIBOR, full-term interest-only payments and two one-year extension options. Meridian’s Noam Kaminetzky and Sam Grunberger negotiated the transaction on behalf of the Coral Gables, FL-based developer.

Avery Place at Pompano, located at 225 North Federal Highway, is situated off of Federal Highway, roughly 10 miles north of Fort Lauderdale.

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