Forman Capital provided a $55.22 million bridge loan to Invesca Development and the Gold Coast Florida Regional Center to convert 214 Class A rental units into for-sale condo residences in Pompano Beach. Envy, with two 11-story buildings, is located at 450 E. Atlantic Blvd. between Dixie Highway and U.S. 1. It is part of the Koi master-planned community, with trails, parks and a private 26-slip marina.
Forman Capital’s Ben Jacobson, Scott Mehlman and Ty Regnier originated the loan on behalf of the borrower/sponsor, Envy Development. Jay Miller, Spencer Miller and Noah Rothman of BayBridge Real Estate Capital brokered the financing.
Envy offers studio, one-, two-, and three-bedroom units ranging from 703 to 1,026 square feet. Each unit is appointed with 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, wine lounge, spa, outdoor movie theater, state-of-the-art fitness center, pet spa and marina access.
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