Envy
Pompano Beach, FL

Investment Type: Construction Completion
Property Description: Multifamily / Retail
Loan Amount: $50MM

  • MRC originated a $50MM first mortgage loan collateralize by Envy, a newly-constructed 214-unit multifamily building with ground-floor retail space in Pompano Beach, Florida

  • The Borrower completed construction of Envy ahead of schedule and has benefitted from strong leasing velocity, averaging 15 units per month above underwritten rents despite the COVID-19 pandemic

  • The Borrower was in the market to refinance a construction loan held by an affiliate of MRC, but, taking into account all economic terms including fees, closing costs, timing, and ease of execution, they found MRC’s proposed terms for a new loan to be the most favorable for the project

  • MRC was able to provide a flexible solution to the Borrower during an uncertain climate in the market, providing a bridge to stabilize an asset in a bourgeoning submarket with a lack of comparable supply