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NorthMarq Places Jupiter Multifamily Loan With Life Company

MIAMI—While Fannie and Freddie are keeping busy, this time around a life company inked the loan. Get more details.

By Jennifer LeClaire | jenniferleclaire | | Updated on March 02, 2016
The Dakota at Abacoa is a 190-unit class A multifamily project located in the Abacoa master planned community. The Dakota at Abacoa is a 190-unit class A multifamily project located in the Abacoa master planned community.
MIAMI— NorthMarq Capital ‘s New Jersey team is getting busy in South Florida. Gregory Nalbandian , managing director of the firm’s New Jersey-based regional office , just arranged $26.25 million of permanent financing for The Dakota at Abacoa Apartments. The Jupiter, FL apartment complex is newly constructed. NorthMarq classifies it as a “super luxury multifamily” property. Representing the borrower, a Florida-based national multifamily investor, NorthMarq placed the loan with life company correspondent, PPM Finance . “The sponsor took advantage of a very compelling opportunity in their backyard to acquire this core asset as a strategic long-term investment to complement their national portfolio,” says Nalbandian. “PPM saw an opportunity with a new target borrower, particularly at a time when the agencies are non-competitive for luxury, market rate product, and provided a very aggressive loan at an interest rate well below four percent with a substantial interest only period over a ten year term. PPM truly distinguished themselves against several other life companies in every respect to finance this acquisition.” The Dakota at Abacoa is a 190-unit class A multifamily project located in the Abacoa master planned community. The multifamily asset features Bermuda style architecture and offers one-, two- and three-bedroom apartments, townhomes, three-story townhomes and garden style apartments. According to NorthMarq, the acquisition was an appealing opportunity to purchase a best-in-class asset that offers tenants access to all major employment and retail centers in the West Palm Beach Metropolitan Area. Abacoa is home to the Scripps Florida Research Institute and Max Planck Institute, part of an emerging biotechnology hub and new company incubator in northern Palm Beach County.

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