Forman Capital, a private direct real estate lender, has supplied a bridge loan totaling $55.22 million to Invesca Development and the Gold Coast Florida Regional Center. The loan is intended to transform 214 Class A rental units into condominium residences for sale at Envy in Pompano Beach. Envy, comprising two 11-story buildings, is situated at 450 E. Atlantic Blvd. and is part of the Koi master-planned community, which features trails, parks and a private 26-slip marina.
Ben Jacobson, Scott Mehlman and Ty Regnier from Forman Capital facilitated the loan for the borrower/sponsor, Envy Development DE, LLC, while Jay Miller, Spencer Miller and Noah Rothman from BayBridge Real Estate Capital arranged the financing.
Envy offers a variety of studio, one, two and three-bedroom units ranging from 703 to 1,026 square feet. Each unit has luxury finishes, stainless steel appliances and a private balcony. The property boasts an array of luxurious amenities, including a South Beach-style pool with cabanas, a wine lounge, a spa, an outdoor movie theater, a state-of-the-art fitness center, a pet spa and marina access.
This Pompano Beach condominium conversion occurs during a city building boom. Following the city’s Community Redevelopment Agency’s investment of nearly $50 million in downtown capital projects from 2012 to 2022, Pompano Beach has witnessed a significant increase in private development and investment activity.
“Pompano Beach is experiencing a true evolution,” says Forman Capital Principal Ben Jacobson. “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.”
Well-known developers are enhancing the city by introducing new high-end residential developments in collaboration with iconic brands like Ritz-Carlton and Waldorf Astoria.
“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,” Mehlman says, Forman Capital Partner and Chief Investment Officer.
