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Colliers secures financing for Old Town Square, a new 281-unit mixed-use residential project in Pompano Beach

Colliers South Florida Debt & Equity services team represented Cavache Properties, LLC & Wilson Enterprises, LLC in the deal

POMPANO BEACH, FL | October 8, 2021 – Cavache Properties, LLC and Wilson Enterprises, LLC, real estate development and investment companies based in Pompano Beach, inks financing deal to develop a 10-story high-rise building with an attached parking garage, amenity deck, and ground floor retail space totaling approximately 5,200 square feet, located within the Old Town District of Pompano Beach. Shannon Rex, Executive Managing Director for Colliers South Florida Debt & Equity services team, represented the developers in financing the $45.0 million senior construction loan provided by Bank OZK in addition to the $15.5 million preferred equity tranche provided by Artemis Real Estate Partners.

“The Old Town Square project will add new, Class A, state-of-the-art apartments to a tight residential market where we are seeing occupancy rates greater than 95%,” said Rex. “This deal demonstrates the growth and strength of the South Florida market.”

Old Town Square’s sponsors consist of a seasoned development team that have been active in South Florida for decades. As a result of a Joint Venture, principals of Cavache Properties, Wilson Enterprises, and Adache Group Architects have joined to co-develop the project. The project is shovel-ready, designed and received all governmental and requisite approvals for construction and development.

Broward County’s multifamily submarket is at the top of the effective rent per unit in the region. According to RealPage, Inc., Annual effective rent growth is forecast to be 1.4% by the end of 2021, and average 4.7% through 2022 to 2024.

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Shannon Rex

Executive Managing Director

Boca Raton

As Executive Managing Director of the Debt and Equity Finance group in South Florida, Shannon Rex leads a team of investment banking advisory professionals which focuses on the placement of debt and equity in the capital markets arena. Throughout his storied career, Shannon Rex has been involved in the acquisition, disposition, and capitalization of more than $2 Billion in commercial real estate that spans over all asset types and structures. 

While Shannon’s career has spanned over 20 years, he has developed solid relationships throughout the industry with key principals in commercial investment banking, life insurance companies, pension funds, private equity, high-net worth individuals, and family offices. His goal is to assist the client with an aligned, debt and/or equity placement utilizing those key relationships to execute the most efficient structure as possible. 

With a base in South Florida, the Colliers Debt and Equity Finance Group focuses exclusively on the capital stack for all asset classes of commercial real estate. The team is comprised of experienced professionals with diverse backgrounds in development, asset management, banking and finance, accounting, and operations. It leverages its experience and resources to develop strategic capital markets execution plans, from the relatively straight forward, to the more complex structured finance/joint venture transactions. The team is focused on ensuring clients are provided the highest level of service to achieve their goals. 

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