News September 09, 2022
Madison Realty Capital Lends $85M on South Florida Apartments Build
Commercial Observer reported that Invesca Development Group has secured $85 million of construction financing from Madison Realty Capital to build a luxury apartment building in Florida’s Broward County just outside Fort Lauderdale.
PIXL Plantation, a 330-unit project in Plantation, Florida is five miles west of Fort Lauderdale and will be on 6.7 acres with apartments ranging from 800 to 1,622 square feet. The property’s amenities will include a virtual reality concierge, automated package delivery, swimming pools, a movie theater, a game room, a fitness center, a Peloton room and pickleball courts.
Madison has provided financing to Invesca before, including a $102 million construction loan to complete ENVY, a 214-unit luxury rental building in Pompano Beach, Fla., and a $50 million bridge loan to refinance ENVY in November 2020. BayBridge Real Estate Capital’s Jay Miller, Spencer Miller and AJ Felberbaum originated the transaction.