Pompano Beach property
POMPANO BEACH, FL—Madison Realty Capital has originated a $102 million first mortgage loan for two South Florida multifamily assets here.
The funding MRC is providing to Invesca will finalize construction of a multifamily development that is 98% complete. It consists of 214 high-end apartments and 12,000 additional square feet of retail. The property is in lease-up with expected occupancy in the next two months.
The borrower will also use the financing to begin construction on a separate 330-unit multifamily development project in the nearby city of Plantation. This planned development includes an additional commercial building, office development and several townhome lots on the site.
GlobeSt.com has learned that a start date has not been set for construction of the Plantation project but Madison expects it to be soon.
"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," said Josh Zegen, co-founder and managing principal of MRC, in prepared remarks.
The Pompano Beach property will total over 450,000 square feet when finished across two buildings connected by a sky bridge.
The 4350 West Sunrise Boulevard property spans 12.3 acres as part of a 24.6-acre master plan. The 720,000 square foot multifamily building on the site will consist of 330 high-end apartments with 626 parking spaces upon completion. The development also includes a 30,000 square foot commercial building, a 1.1-acre office development site, 10 completed townhomes, and 37 approved additional townhome lots.
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