Invesca lands $50M refi on Pompano Beach apartments

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

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
    Avery Pompano Beach apartments with Yaakov Frankforter of Frankforter Group (LinkedIn via Frankforter, Avery Pompano Beach)
    Frankforter Group buys Pompano Beach apartments for $43M
    Frankforter Group buys Pompano Beach apartments for $43M
    Arch Companies founders Jeffrey Simpson, Jared Chassen and Infinity's David Berg. (Google Maps, Infinity, Getty)
    Arch, Infinity JV to build mixed-use multifamily tower in Miami’s Edgewater
    Arch, Infinity JV to build mixed-use multifamily tower in Miami’s Edgewater
    North Miami Studios and two productions, “The Birdcage” and “Miami Vice" (Getty)
    North Miami studios, home to “Miami Vice” and “The Birdcage,” sells to developer that plans mixed-use project
    North Miami studios, home to “Miami Vice” and “The Birdcage,” sells to developer that plans mixed-use project
    Axonic's Jonathan Shechtman and Breezes at Palm-Aire (Berkadia)
    Axonic Properties buys Pompano Beach condos in $25M bulk purchase
    Axonic Properties buys Pompano Beach condos in $25M bulk purchase
    Laurent Morali and renderings of the project (Kushner Companies)
    Kushner Companies wins approval for four-tower mixed-use project in downtown Fort Lauderdale
    Kushner Companies wins approval for four-tower mixed-use project in downtown Fort Lauderdale
    Rendering of the Sonata Apartments (Burgos Lanza, iStock)
    Cornerstone wins approval for mixed-income apartment complex in Pompano Beach
    Cornerstone wins approval for mixed-income apartment complex in Pompano Beach
    Shore Park building with Gloria and Emilio Estefan (Douglas Elliman, Getty)
    Ocean Drive property owned by Gloria and Emilio Estefan lists for $45M
    Ocean Drive property owned by Gloria and Emilio Estefan lists for $45M
    Drawings of Advantis (City of Lake Worth Beach)
    Lake Worth Beach approves 230-unit multifamily development
    Lake Worth Beach approves 230-unit multifamily development
    arrow_forward_ios

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

    Loading...