New York, Nov. 12, 2020 (GLOBE NEWSWIRE) — Madison Realty Capital, a New York City based real estate private equity firm focused on debt and equity investment strategies, today announced that it has originated a $50 million loan for Invesca Development Group (“Invesca”) to refinance the ENVY, a 214-unit, 11-story luxury rental building, in Pompano Beach, Florida.
Madison originally provided Invesca, a best-in-class developer, 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 of Madison Realty Capital. “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. Notably, 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, and we are pleased to expand our relationship.”
Situated at the corner of East Atlantic Boulevard and Southeast Fourth Way within the Koi master-planned community for Pompano Beach, the ENVY offers top-tier 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. ENVY is comprised of three floors for parking and commercial space on Atlantic Avenue and eight floors for residential and common areas.
About Madison Realty Capital (MRC)
Madison Realty Capital (MRC) is a New York City based real estate private equity firm focused on debt and equity investment strategies with regional offices in key markets including Los Angeles and Dallas. Founded in 2004, MRC has closed on approximately $13 billion of transactions in the multifamily, retail, office, industrial and hotel sectors. The firm manages investments in the United States on behalf of a global investor base. MRC is a fully integrated firm with over 60 employees across all real estate investment, development, and property management disciplines. Among other industry recognitions, MRC has been named to the Commercial Observer’s prestigious “Power 100” list of New York City real estate players and is consistently cited as one of the industry’s top construction lenders.
Nathaniel Garnick/Grace Cartwright Gasthalter & Co. (212) 257-4170 [email protected]