Madison Realty Capital lends $85 million for South Florida apartment construction
Invesca Development Group has sealed an $85 million construction financing to build a luxury apartment building in Florida’s Broward County, just outside Fort Lauderdale, Commercial Observer has learned.
Madison Realty Capital provided the loan for the Invesca project Planting PIXLa 330-unit project in Plantation, Florida. BayBridge Capital Real Estateit is Jay Miller, spencer miller and AJ Felberbaum originated the transaction.
“As the property’s previous lender and a repeat lender to Invesca, we were ideally placed to provide Invesca with a tailored financing solution for the completion of a large residential project which is midway through construction,” Josh Zegen, chief executive and co-founder of Madison Realty Capital, said in a statement. “We look forward to expanding our relationship with the Invesca team to support attractive projects throughout the South Florida market.”
Located at 4350 NW Eighth Court five miles west of Fort Lauderdale, PIXL Plantation will be on 6.7 acres with apartments ranging from 800 to 1,622 square feet and 522 parking spaces in two garages. Property amenities will include a virtual reality concierge, automated package delivery, swimming pools, movie theater, game room, fitness center, Platoon pickleball room and courts.
PIXL Plantation marks the latest Invesca project for which Madison has provided debt. Others include a $102 million construction loan to complete URGEa 214-unit luxury rental property in Pompano Beach, Florida. Madison also has provided a $50 million bridge loan to Invesca to refinance ENVY in November 2020.
Representatives for Invesca did not immediately return a request for comment.
Andrew Coen can be reached at [email protected].