The Real Deal – Invesca Lands $50 Million Refi on Pompano Beach Apartments

 

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Invesca lands $50M refi on Pompano Beach apartments

Madison Realty Capital provided the refi, as well as a $102M construction loan in April

Miami /
November 13, 2020 04:30 PM
Christopher Longsworth and Josh Zegen, with Envy is at 475 SE 1st St, Pompano Beach

Christopher Longsworth and Josh Zegen, with Envy is at 475 SE 1st St, Pompano Beach

UPDATED, Nov. 16, 3:55 p.m.: Invesca Development Group landed a $50 million loan to refinance Envy Pompano Beach, a 214-unit, 11-story rental building.

Madison Realty Capital, led by Josh Zegen, originated the loan for the building at 475 Southeast First Street within the Koi master-planned community, according to a press release.

In April, New York-based Madison Realty provided Plantation-based Invesca with a $102 million construction loan for Envy and Pixl Apartments in Plantation. Invesca is led by Christopher Longsworth.

Invesca has completed construction and has leased up 50 percent of the building, according to the release.

Jay Miller, Spencer Miller and AJ Felberbaum of BayBridge Real Estate Capital arranged the financing.

Envy has three floors of commercial space and eight floors of residential space, with studios, one-, two- and three-bedroom apartments. Amenities include a rooftop pool, pet spa and outdoor movie theater.

Invesca scored a $28 million construction loan for Koi Residences & Marina in 2017.

Other proposed multifamily projects in Pompano Beach include Grover Corlew’s 355-unit mixed-use multifamily development along Atlantic Boulevard, and a 138-unit development called Highland Oaks by Coral Rock Development Group and Paragon Group of Florida.

In October, Madison Realty Capital closed on the remaining unsold condos in Costa Hollywood Beach Resort for $43 million. The firm also brought on a new partner for the industrial-to-office conversion of the Whale Square office building in Sunset Park in Brooklyn.

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