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

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

Shoma Group CEO Masoud Shojaee and a rendering of Ten30 South Beach

Shoma nabs $18M construction loan for condos near Lincoln Road

Arthur Porosoff, Stefano Garofoli, Costantino Cicchelli and Frank Rodriguez Melo with the Omni property

Investment group buys multifamily buildings in Little Havana, Omni

Rendering of Vox Miami

Treo Group scores loan for mixed-use student housing project in South Miami

Joseph P. Thomas, Adam Duncan and Tyler Carbonelli with the Fort Lauderdale properties

California investors buy multifamily portfolio in Fort Lauderdale

Rendering of Wynwood 28 and Laurent MoraliĀ 

Kushner lands $18M loan for Wynwood projects

Rendering of Grand Station project, Oscar Rodriguez, Alex Rodriguez, and Ricardo Vadia (Credit: Michael Loccisano/Getty Images)

Grand Station tower project in downtown Miami scores $53M loan

Rendering of the project

Time Equities plans apartments, retail on former office site in West Palm

651 South Federal Highway (Credit: Google Maps)

Pompano Beach marina sells for $6M