KUALA LUMPUR, Nov 13 -- Madison Realty Capital, a New York City based real estate private equity firm focused on debt and equity investment strategies, recently announced it originated a US$50 million loan for Invesca Development Group (Invesca) to refinance the ENVY, a 214-unit, 11-storey luxury rental building in Pompano Beach, Florida. (US$1 = RM4.133)
Madison originally provided Invesca, a best-in-class developer, with a US$102 million construction loan for the ENVY and another Invesca property, Pixl Apartments in Plantation, Florida, in April this year.
“Pompano Beach is an attractive neighbourhood 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 Madison Realty Capital Managing Principal and Co-Founder, Josh Zegen.
“As the property’s existing lender, we were uniquely positioned to provide Invesca with a bespoke and compelling US$50 million transitional lease up financing package for the first large scale luxury multifamily development in the area.”
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 including a cardio centre, rooftop pool with cabanas and spa.
-- BERNAMA
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