News November 10, 2020
Madison Realty Capital Provides $50M Bridge Loan on Luxe Florida Rental Project
Madison Realty Capital has inked a deal with Invesca Development Group to provide $50 million in the form of a short-term bridge loan for the firm’s luxury apartment development ENVY Pompano Beach. The loan retires a portion of a $102 million construction loan that MRC extended to Invesca in April and ensures that the developer has enough time to lease up and stabilize the building. Josh Zegen, Madison Realty Capital Managing Principal and Co-Founder, told Commercial Observer that “Invesca was able to complete the project and lease up 45 percent of the building ahead of expectations,” giving the private equity firm confidence in the project moving forward.