New York City-based real estate private equity firm Madison Realty Capital has originated a $50 million loan for Invesca Development Group to refinance the ENVY, a 214-unit, 11-story apartment building in Pompano Beach.
Located at the corner of East Atlantic Boulevard and Southeast Fourth Way within the Koi master-planned community at Pompano Beach, the ENVY offers a suite of amenities geared toward a healthy lifestyle, such as a cardio center, rooftop pool with cabanas, spa, pet spa, wine lounge, Zen garden and outdoor movie theater. The community is comprised of three floors for parking and commercial space on Atlantic Avenue and eight floors for residential and common areas. MRC originally provided Invesca with a $102 million construction loan for the ENVY and another Invesca property, Pixl Apartments in Plantation, Florida, in April 2020.
“Pompano Beach is an attractive neighborhood that has seen an influx of new job opportunities as more employers, such as Amazon, expand their presence in South Florida, and specifically Broward County,” said Josh Zegen, managing principal and co-founder at MRC. “As the property’s existing lender, we were uniquely positioned to provide Invesca with a bespoke and compelling $50 million transitional lease up financing package for the first large scale luxury multifamily development in the area. Invesca was able to complete the project and lease up 50 percent of the building ahead of expectations, a true testament to their execution capabilities.”
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles.
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