Madison Realty Capital, Taconic Capital Lend $94M to Complete South Florida Apartments
By Andrew Coen August 14, 2024 11:25 am
reprints
Invesca Development Group has secured $94 million of construction completion financing to finish a 330-unit apartment complex project in South Florida, Commercial Observer has learned.
Madison Realty Capital supplied a $72 million senior loan on Invesca’s planned PIXL Plantation development in Plantation, Fla. and Taconic Capital Advisors provided $22 million of mezzanine financing on the deal, which was arranged by BayBridge Real Estate Capital’s Jay Miller, Spencer Miller, AJ Felberbaum and Noah Rothman.
Madison also originated an $85 million construction loan for the PIXL Plantation development in September 2022, CO first reported at the time.
Located at 4350 NWt 8th Court on 6.7 acres just five miles west of Fort Lauderdale in Broward County, PIXL Plantation will include 522 parking spaces in two garages. Property amenities will feature swimming pools, fitness center and pickleball courts.
The PIXL Plantation project is slated for completion by the end of the year. The development broke ground in 2021 before encountering delays resulting in Invesca landing a $11.4 million judgment against Boynton Beach contractor Perez Structural related to incomplete work on the complex., the South Florida Business Journal reported in May.
“The Invesca team is building a best-in-class project that we expect to be well-received by the market given its construction quality and amenities,” Eric Sitman, director in Taconic Capital Advisors’ commercial real estate group,” said in a statement.
Representatives for Madison Realty Capital, Invesca Development Group and BayBridge did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
