Invesca scored a $102 million loan from Madison Realty Capital for two South Florida multifamily projects during the coronavirus pandemic.
Plantation-based Invesca secured the loan from the New York-based lender to finish construction on a 214-unit apartment project in Pompano Beach and to begin construction on a 330-unit multifamily development in Plantation, according to a release.
The Pompano Beach property is 1.6 acres at 452 East Atlantic Boulevard, and is 98 percent complete. With two buildings connected by a skybridge, it will total over 450,000 square feet when finished. The development also includes 12,000 square feet of retail space and 362 parking spaces, according to the release.
The Plantation property will span 12.3 acres at 4350 West Sunrise Boulevard. It will include eight, nine-story buildings with 720,000 square feet. The development will also consist of a 30,000-square-foot commercial building, a 1.1-acre office property, 10 townhomes that are already completed, and 37 approved additional townhome lots, according to the release.
Jay Miller of BayBridge Real Estate Capital brokered the transaction.
Madison Realty Capital is becoming more active in South Florida’s real estate market, especially in Broward and Palm Beach counties.
In December, the company provided a $210 million construction loan for Fort Partners’ Four Seasons Hotel and Private Residences in Fort Lauderdale.
In July, the lender provided a $225 million construction loan to Penn-Florida for The Residences at Mandarin Oriental in Boca Raton.
In total, Madison Realty Capital has completed about $12 billion in equity and debt transactions since 2004, according to its website.