Developers Secure $55M for Pompano Beach Condo Conversion
The city has gone through a "surge" in investment activity and private development.
Invesca Development and the Gold Coast Florida Regional Center have grabbed a $55.22 million loan to convert a multifamily project into a condominium in Pompano Beach, Florida.
Envy, located at 450 East Atlantic Boulevard, consists of 214 Class A rental units, across two 11-story buildings.
The luxury finished apartments come with stainless steel appliances and a private balcony. Envy offers one, two, and three-bedroom units, which span from 703 to 1,026 square feet.
Plus, tenants get access to perks including a pet spa, fitness center, wine lounge, pool with cabanas, and marina access.
Now, the apartment offering will convert into a condo residence, with Forman Capital supplying the bridge loan to support the funding.
According to the debt and equity financer, Pompano Beach has gone through a “surge ” in investment activity and private development. Between 2012 through 2022, the city has poured almost $50 million into capital projects in the downtown area, it said.
“Since Pompano has already demonstrated it can support for-sale condos, converting a newer rental project like Envy instead of building new makes a lot of sense. I am confident our client will be highly successful with their plans,” said Scott Mehlman, Forman partner and chief investment officer.
In a recent study posted by Altus Group, senior manager of market insights delivery, Sally Johnstone, said that the Fort Lauderdale-Pompano Beach-Deerfield Beach area will rank among one of the top five metros for the highest anticipated returns on investments at 4.6 percent. She also put other Florida areas including Tampa-St. Petersburg-Clearwater, and West Palm Beach-Boca Raton-Delray Beach on the list.
“Pompano Beach is experiencing a true evolution,” Forman principal Ben Jacobson, said.
“It is transforming from a quiet seaside town to an exciting year-round destination with substantial new housing, restaurants and entertainment establishments. We love being associated with projects like Envy, which has added a lot of value to the community.”