PALM BEACH, FL - Forman Capital, a leading private direct real estate lender, 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 – one of South Florida’s fastest-growing cities. 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 DE, LLC. Jay Miller, Spencer Miller and Noah Rothman of BayBridge Real Estate Capital brokered the financing. The transaction closed on August 29, 2024.
Envy offers studio, 1, 2, and 3-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.
This condo conversion comes at a time when Pompano Beach is in the middle of a building boom. After the city’s Community Redevelopment Agency invested nearly $50 million into capital projects in the city’s downtown between 2012 and 2022, Pompano Beach has experienced a surge of private development and investment activity.
“Pompano Beach is experiencing a true evolution,” said 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.”
Prominent developers are enhancing the city with new luxury residential projects that have iconic brand partners, such as 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,” said Mehlman, Forman Capital Partner and Chief Investment Officer.
About Forman Capital: Palm Beach-based Forman Capital is a provider of private commercial real estate debt and equity financing for transactions ranging from $5 million to $100 million. The firm focuses on short-term construction financing, mezzanine debt, and preferred equity across various real estate asset classes and geographies. Company principals Brett Forman and Ben Jacobson have closed more than $2.8 billion in commercial real estate transactions since 2004. For more information, visit www.formancap.com