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Fairfield scores $57M construction loan for Pompano Beach apartments
Developers are increasingly looking to Pompano as land becomes more expensive in Fort Lauderdale and Miami
Another large-scale development will soon be rising in Pompano Beach.
San Diego-based Fairfield Residential scored a $56.5 million from Santander Bank to build its Fairfield Pompano project at 601 North Federal Highway, property records show. The six-story apartment building will have 327 rental units along with ground-floor commercial space.
The 88,700-square-foot building will feature one-, two- and three-bedroom apartments. In 2018, Fairfield paid $7.7 million for the property, a strip mall. The site is near Pompano Community Park and Pompano Beach High School.
Developers are planning large-scale apartment and condo projects in Pompano Beach as land becomes more expensive in Fort Lauderdale and Miami.
Developer Adam Adache plans to build a 10-story building with 279 residential units on a block along Northeast First Avenue at Northeast Second Street and Northeast Third Street. Lionheart Capital is also planning a two-tower, 239-unit luxury condo project at 1380 South Ocean Boulevard in Pompano Beach.
Fairfield Residential has been active in South Florida. The apartment developer sold a Delray Beach rental community, Delray Verana Apartments, for $102.5 million in 2017. That year, it also sold a 208-unit complex in Margate for $36.4 million, or about $175,000 per unit.