Forman Capital Lends $55M for South Florida Condo Conversion
By Julia Echikson August 30, 2024 1:14 pm
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Invesca Development and the Gold Coast Florida Regional Center (GCFRC) raised $55.2 million to convert a new apartment complex in Pompano Beach, Fla., into a condominium, according to lender Forman Capital.
The loan covers Envy, a 406,839-square-foot complex, housing 214 units, between 425 and 475 East Atlantic Boulevard. Two years ago, the joint venture completed the property, which contains two 11-story buildings within the Koi master-planned community that contains trails, parks and a private 26-slip marina, according to property records.
The number of residential units — which range in size from 703 to 1,026 square feet — will remain the same.
Founded in 2001, Plantation-based Invesca specializes in residential development. GCFRC is a South Florida-based investing vehicle, backed by the U.S. Citizenship and Immigration Services, formed to help immigrants earn permanent U.S. residency under the EB-5 Immigrant Investor Program. Representatives for both entities did not immediately respond to a request for comment.
Jay Miller, Spencer Miller, AJ Felberbaum and Noah Rothman of BayBridge Real Estate Capital brokered the construction loan. Forman Capital’s Ben Jacobson, Scott Mehlman and Ty Regnier originated the financing.
“Pompano Beach is experiencing a true evolution,” Jacobson said in a statement. “It is transforming from a quiet seaside town to an exciting year-round destination with substantial new housing, restaurants and entertainment establishments.”
In the past decade, Pompano Beach’s Community Redevelopment Agency has spent nearly $50 million updating the city’s downtown. Along the coast last year, Related Group completed a luxury condo complex, called Solemar Residences. Another Related luxury condo project is also under development. So are Ritz-Carlton and Waldorf Astoria-branded condo complexes.
Julia Echikson can be reached at jechikson@commercialobserver.com.
