Deutsche Bank Refis South Florida Apartments With $55M Loan
By Andrew Coen March 3, 2022 9:23 am
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Invesca Development Group has landed a $55 million debt package to refinance a newly built luxury multifamily development in South Florida, Commercial Observer can first report.
Deutsche Bank provided the loan for the developer’s two-tower property called ENVY Pompano Beach in a deal led by PJ Diconza and Joe Schaecter. The loan retires $50 million of previous debt Madison Realty Capital had supplied to Invesca in November 2020 to refinance the asset.
BayBridge Real Estate Capital’s Jay Miller, Spencer Miller and AJ Felberbaum originated the financing.
Located on 1.5 acres at 475 Southeast First Street in Pompano Beach, Fla, the property features twin 11-story high-rises connected by a promenade comprising 214 units. Its amenities include wine lounge, rooftop pool with cabanas, jacuzzi, spa, fitness center, cycling studio, recreational area with miniature golf, miniature bowling, shuffleboard and barbecue areas.
Officials for Invesca Development Group did not immediately return a request for comment. Deutsche Bank and BayBridge declined to comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
