April 30, 2020
Madison Realty Capital (MRC) originated a $102 million first mortgage loan for two separate South Florida multifamily assets.
The first property funding went to Invesca, which will finalize construction of a 98% complete multifamily development at 452 E. Atlantic Blvd. in Pompano Beach, FL (pictured). The 1.6-acre property is comprised of 214 high-end apartments and 12,000 square feet of retail, and is in lease-up with expected occupancy in the next two months.
The borrower will also utilize the financing to begin construction on a separate 330-unit multifamily development at 4350 W. Sunrise Blvd. in Plantation, FL. The planned 12.3-acre development includes an additional commercial building, office development and several townhome lots on the site.
MRC’s Josh Zegen, says, “With the opportunity to bring a nearly complete multifamily project across the goal line, and begin construction of a separate rental development with additional collateral pieces, this was a compelling deal for MRC to finance.”
BayBridge Real Estate Capital’s Jay Miller brokered the transaction.
For comments, questions or concerns, please contact Dennis Kaiser