Madison Realty Capital (MRC) has originated a $102 million first mortgage loan for two separate South Florida multifamily assets.
The funding MRC is providing to Invesca, a local borrower, will finalize construction of a 98 percent complete multifamily development comprised of 214 high-end apartments and 12,000 additional square feet of retail. The property is located at 452 East Atlantic Boulevard in Pompano Beach, Fla., and is in lease-up with expected occupancy in the next two months.
The borrower will also utilize the financing to begin construction on a separate 330-unit multifamily development project at 4350 West Sunrise Boulevard in the nearby city of Plantation, Fla. This planned development includes an additional commercial building, office development and several townhome lots on the site.
“With the opportunity to bring a nearly complete multifamily project across the goal line and begin construction of a separate rental development with additional
