Invesca overcame challenges of obtaining construction financing during an economic downturn by being able to close on a loan for two Broward County projects.
The $102 million construction loan will help to put the finishing touches on the Envy Project in Pompano Beach and allow to begin works on Plantation’s PIXL apartments, which will have a virtual reality theme.
Madison Realty Capital awarded the mortgage to PIXL Development and Envy Development, both affiliates of Invesca.
Securing the Loan
“We were halfway through this transaction when the financial world started to fall apart”, Invesca CEO Christopher Longsworth said.
"Josh Zegan, Mark Simon and Mark Gormley worked with us around the clock to create sophisticated solutions to the constant obstacles that were presented. For a lender of this size to be agile enough to pivot and navigate through the real time challenges, was really impressive and the reason this deal closed in these uncertain times. The skill and market intelligence that Jay Miller brought to the table in arranging the financing was second to none.” Chris Longsworth added.
Miller, the managing director of BayBridge Real Estate Capital, said many banks have been reluctant to make construction loans during the Covid-19 pandemic. Banks are holding onto their cash liquidity as deposit accounts fall because their clients are losing money, he said.
Madison Realty Capital had a ton of available cash and was confident in Christopher Longsworth, because of his successful track record as a developer, Miller said.
“Envy is an absolutely spectacular property and PIXL will be the same”, Miller said “Everything he brings is off the charts. If you are going to do a deal in an economic downfall, the kind of person you’d want to make it with is Chris.”
PIXL at Plantation
Located at 4400 S. Sunrise Blvd., PIXL will feature 330 apartments. They will range from 800 to 1,622 square feet, including selected loft-style units with 18-foot ceilings. All units will have smart home features. The amenities will include a virtual reality concierge and automated package delivery.
PIXL should be completed in the first quarter of 2022. It’s near Strata, a for-sale townhouse community Invesca built several years ago, both part of the master development plan in Plantation.
The mortgage also replaced the original $28 million construction loan for Envy, which is nearly completed with expected occupancy to begin summer 2020. It will have 214 apartments and commercial space on Atlantic Avenue.
Invesca is the architect and general contractor for both projects.
“This will be one of the last meaningful construction loans done for a while,” Miller said.
Invesca team is very excited to bring this project to life with such an incredible and unique feature design, a new and different social lifestyle, and one of a kind amenities, neighboring our phase 1 project - Strata, to the City of Plantation.
Invesca Development Group 2020
South Florida Business Journal 2020