NYC Developer Bets on Pompano Beach with First South Florida Acquisition

Day Pitney Real Estate Partner Daniel Diaz Leyva was featured in CRESources article, "NYC Developer Bets on Pompano Beach with First South Florida Acquisition." Diaz Leyva represented Highpoint Property Group in their joint venture with Akabas Properties for their acquisition of a $2.3 million development site on the Intracoastal Waterway in Pompano Beach for a future townhouse community.

Diaz Leyva commented, "This deal underscores two trends in our market. First, New York developers increasingly see Broward County as a growth opportunity for their business. They are no longer targeting Miami or Fort Lauderdale. Instead, they are finding strategically located waterfront development sites in submarkets flying under the radar. Second, cash is king. With lenders tightening their lending standards, we're seeing more activity with small-to-midsize deals, which often don't require financing to close. This deal is a prime example of that trend."

Read the full article here.