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

Miami /
May.May 06, 2019 11:30 AM
Greg Pinkalla, CEO of Fairfield Residential and a rendering of Fairfield Pompano

Greg Pinkalla, CEO of Fairfield Residential and a rendering of Fairfield Pompano

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.


Related Articles

arrow_forward_ios
Jean Francois Roy and renderings of the Fort Lauderdale project (OceanLand)
Jean Francois Roy plans bulk condo buyout to build multifamily project near downtown Fort Lauderdale
Jean Francois Roy plans bulk condo buyout to build multifamily project near downtown Fort Lauderdale
 Adam Neumann (Getty, Bal Harbour Florida)
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
A rendering of the project and Nicole Kushner Meyer (Kushner)
All in on Miami: Kushner pays $21M for Edgewater site of planned apartment tower
All in on Miami: Kushner pays $21M for Edgewater site of planned apartment tower
The Avenue Apartments at 6220 Reese Road in Davie (Photo via Avenue Davie)
Boardwalk Properties sued for alleged racial discrimination
Boardwalk Properties sued for alleged racial discrimination
1007 West Prospect Road in Fort Lauderdale and 999 West Prospect Road in Oakland Park
Seattle investors buy Fort Lauderdale, Oakland Park apartment buildings for $7M
Seattle investors buy Fort Lauderdale, Oakland Park apartment buildings for $7M
Leon Ojalvo with Blue Lake Village Apartments (SRE Commercial Group)
Investor buys multifamily complex near Miami Shores for $15M
Investor buys multifamily complex near Miami Shores for $15M
Jorge, Jon Paul and Nick Pérez (Photos by Studio Scrivo)
Related Group’s condo kings expand their realm
Related Group’s condo kings expand their realm
Cortland CEO Steven DeFrancis and Indigo Station at 67 Southwest 12th Avenue (Cortland, Inigo Station)
Cortland buys Deerfield Beach multifamily complex for $66M
Cortland buys Deerfield Beach multifamily complex for $66M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...