Invesca lands $50M refi on Pompano Beach apartments

Miami /
Nov.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.






    Related Articles

    arrow_forward_ios
    The Allen Apartments with Mark Samuelian, Michael Gongora and Ricky Arriola (Miami Beach Community Development Corp., Wikipedia Commons)

    Miami Beach may create incentives for affordable housing developers

    Miami Beach may create incentives for affordable housing developers
    Shlomo Khoudari and Justin Bennett with 3141 Southwest 10th Street in Pompano (Google Maps)

    Shifting gears: Elion Partners pays $12M for Pompano Beach auto parts distribution center

    Shifting gears: Elion Partners pays $12M for Pompano Beach auto parts distribution center
    Nick Rojo and Jeff Burns (Affiliated, iStock)

    Affiliated Development launches $125M workforce housing fund

    Affiliated Development launches $125M workforce housing fund
    Northland's Lawrence Gottesdiener with the Del Oro and Plantation Meadows apartments (Google Maps)

    Plantation apartment complexes sell for $57M

    Plantation apartment complexes sell for $57M
    Centrum’s Arthur Slaven and an aerial view of the project (Deerfield Beach City Commission)

    Centrum’s Deerfield Beach multifamily project advances

    Centrum’s Deerfield Beach multifamily project advances
    Mixed-use Delray Beach development on former Office Depot HQ site advances

    Mixed-use Delray Beach development on former Office Depot HQ site advances

    Mixed-use Delray Beach development on former Office Depot HQ site advances
    Bill Morris of Southcoast, and a rendering of the project (Credit: RLC Architects)

    Developers propose multifamily mixed-use project in Boynton Beach

    Developers propose multifamily mixed-use project in Boynton Beach
    John K. Markey and a map of the area

    JKM’s mixed-use development in Wellington advances

    JKM’s mixed-use development in Wellington advances
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...