POMPANO BEACH, FLA. — Adache Real Estate has received a $59 million loan for the refinancing of Old Town Square, a 281-unit property located at 200 N.E. 1st Ave. in Pompano Beach. Built in 2024, the mid-rise community offers studio, one- and two-bedroom units. Amenities include a pool with a hot tub, kitchen with barbecue grills, gaming deck, fitness center, sauna, coworking lab, community bicycles, on-site mini market and a dog run.
David Gahagan, Chris Hammel and Chandler Kaye of Northmarq’s West Palm Beach office arranged the loan through an undisclosed life insurance company on behalf of the borrower. The bridge loan features a three-year term, interest-only payments and extension options.
Northmarq states that the City of Pompano Beach also provided a TIF financing to Adache as an economic incentive for the development of Old Town Square.