Madison Realty Capital Lends $85M on South Florida Apartments Build
By Andrew Coen September 9, 2022 11:12 am
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Invesca Development Group has sealed $85 million of construction financing to build a luxury apartment building in Florida’s Broward County just outside Fort Lauderdale, Commercial Observer has learned.
Madison Realty Capital supplied the loan for Invesca’s planned PIXL Plantation, a 330-unit project in Plantation, Fla. BayBridge Real Estate Capital’s Jay Miller, Spencer Miller and AJ Felberbaum originated the transaction.
“As the property’s prior lender and a repeat lender to Invesca, we were uniquely positioned to provide Invesca with a customized financing solution for the completion of a large residential project that is midway through construction,” Josh Zegen, managing principal and co-founder of Madison Realty Capital, said in a statement. “We look forward to expanding our relationship with Invesca’s team to support attractive projects throughout the South Florida market.”
Located at 4350 NW Eighth Court five miles west of Fort Lauderdale, PIXL Plantation will be on 6.7 acres with apartments ranging from 800 to 1,622 square feet and 522 parking spaces in two garages. The property’s amenities will include a virtual reality concierge, automated package delivery, swimming pools, a movie theater, a game room, a fitness center, a Peloton room and pickleball courts.
PIXL Plantation marks the latest Invesca project for which Madison has provided debt. Others include a $102 million construction loan to complete ENVY, a 214-unit luxury rental building in Pompano Beach, Fla. Madison also supplied a $50 million bridge loan to Invesca to refinance ENVY in November 2020.
Representatives at Invesca did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
