Invesca Development and the Gold Coast Florida Regional Center have received a $55.22 million bridge loan from Forman Capital to convert 214 Class A rental units into for-sale condo residences in Pompano Beach. The project, called Envy, is located at 450 E. Atlantic Blvd., situated between Dixie Highway and U.S. 1 within the Koi master-planned community.
The loan was originated by Forman Capital’s Ben Jacobson, Scott Mehlman, and Ty Regnier on behalf of borrower/sponsor Envy Development. Financing was brokered by Jay Miller, Spencer Miller, and Noah Rothman of BayBridge Real Estate Capital.
Envy will consist of two 11-story buildings offering studio to three-bedroom units ranging from 703 to 1,026 square feet each with high-end finishes such as stainless steel appliances and private balconies. The property will also feature luxurious amenities including a South Beach-style pool with cabanas, wine lounge spa outdoor movie theater state-of-the-art fitness center pet spa marina access trails parks and a private marina with slips available for residents’ use.
This development marks an exciting opportunity for Invesca Development as they continue their expansion in the Pompano Beach area through this conversion project that offers both luxury living options as well as access to various recreational activities within the Koi community.
