By Brian Bandell – Senior Reporter, South Florida Business Journal
Ivesca overcame challenges of obtaining construction financing during an economic downturn by nabbing a loan for two Broward County projects.
The $102 million construction loan will help the Plantation developer put the finishing touches on the Envy apartments in Pompano Beach and begin work on Plantation’s Pixl apartments, which will have a virtual reality theme.
Madison Realty Capital affiliate 4350 W. Sunrise Blvd 1 LLC awarded the mortgage to Pixl Development and Envy Development, both affiliates of Invesca.
“We were halfway through this transaction when the financial world started to fall apart,” Invesca CEO Christopher Longsworth said. “Josh Zegan, Mark Simon and Mark Gormley worked with us around the clock to create sophisticated solutions to the constant obstacles that were presented. For a lender of this size to be agile enough to pivot and navigate through the real time challenges, was really impressive and the reason this deal closed in these uncertain times. The skill and market intelligence that Jay Miller brought to the table in arranging the financing was second to none.”
Miller, the managing director of BayBridge Real Estate Capital, said many banks have been reluctant to make construction loans during the Covid-19 pandemic. Banks are holding onto their cash liquidity as deposit accounts fall because their clients are losing money, he said.
Madison Realty Capital had a ton of available cash and was confident in Longsworth because of his successful track record as a developer,’ Miller said.
“Envy is an absolutely spectacular property and Pixl will be the same,” Miller said “Everything he brings is off the charts. If you are going to do a deal in an economic downfall, the kind of person you’d want to make it with his Chris.”
Located at 4400 S. Sunrise Blvd., Pixl will have 330 apartments. They will range from 800 to 1,622 square feet, including some loft-style units with 18-foot ceilings. All units will have smart home features. The amenities will include a virtual reality concierge and automated package delivery.
Pixl should be completed in the first quarter of 2022. It’s near Strada, a for-sale townhouse community Invesca built several years ago.
The mortgage also replaced the original $28 million construction loan for Envy, which is nearly completed. It will have 213 apartments and commercial space on Atlantic Avenue.
Invesca is the architect and general contractor for both projects.
“This will be one of the last meaningful construction loans done for a while,” Miller said.