{"id":12587,"date":"2024-09-30T09:25:12","date_gmt":"2024-09-30T14:25:12","guid":{"rendered":"https:\/\/1reason.com\/re\/forman-capital-funds-55-million-loan-for-pompano-beach-condominium-conversion\/12587\/"},"modified":"2024-10-01T04:25:12","modified_gmt":"2024-10-01T09:25:12","slug":"forman-capital-funds-55-million-loan-for-pompano-beach-condominium-conversion","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/forman-capital-funds-55-million-loan-for-pompano-beach-condominium-conversion\/12587\/","title":{"rendered":"Forman Capital Funds $55 Million Loan for Pompano Beach Condominium Conversion"},"content":{"rendered":"
Envy, with two 11-story buildings, is located at 450 E. Atlantic Blvd. between Dixie Highway and U.S. 1. It is part of the Koi master-planned community, with trails, parks and a private 26-slip marina. <\/p>\n

Forman Capital\u2019s Ben Jacobson, Scott Mehlman and Ty Regnier originated the loan on behalf of the borrower\/sponsor, Envy Development DE, LLC. Jay Miller, Spencer Miller and Noah Rothman of BayBridge Real Estate Capital brokered the financing. The transaction closed on August 29, 2024.<\/p>\n

Envy offers studio, 1, 2, and 3-bedroom units ranging from 703 to 1,026 square feet. Each unit is appointed with luxury finishes, stainless steel appliances and a private balcony. The property boasts an array of luxurious amenities including a South Beach-style pool with cabanas, wine lounge, spa, outdoor movie theater, state-of-the-art fitness center, pet spa and marina access. <\/p>\n

This condo conversion comes at a time when Pompano Beach is in the middle of a building boom. After the city\u2019s Community Redevelopment Agency invested nearly $50 million into capital projects in the city\u2019s downtown between 2012 and 2022, Pompano Beach has experienced a surge of private development and investment activity. <\/p>\n

\u201cPompano Beach is experiencing a true evolution,\u201d said Forman Capital Principal Ben Jacobson. \u201cIt is transforming from a quiet seaside town to an exciting year-round destination with substantial new housing, restaurants and entertainment establishments. We love being associated with projects like Envy, which has added a lot of value to the community.\u201d <\/p>\n

Prominent developers are enhancing the city with new luxury residential projects that have iconic brand partners, such as Ritz-Carlton and Waldorf Astoria.<\/p>\n

\u201cSince Pompano has already demonstrated it can support for-sale condos, converting a newer rental project like Envy instead of building new makes a lot of sense. I am confident our client will be highly successful with their plans,\u201d said Mehlman, Forman Capital Partner and Chief Investment Officer. <\/p>\n

Link to property image and headshots: https:\/\/www.dropbox.com\/scl\/fo\/8o75nn8qdx70mvacswdoh\/ANkJkuxYfUk3HT1WZQv-G5c?rlkey=82m4vemsgv4y8m0pogtmfrsvq&st=8w9dak51&dl=0<\/u><\/a><\/p>\n

About Forman Capital<\/strong>
Palm Beach-based Forman Capital is a provider of private commercial real estate debt and equity financing for transactions ranging from $5 million to $100 million. The firm focuses on short-term construction financing, mezzanine debt, and preferred equity across various real estate asset classes and geographies. Company principals Brett Forman and Ben Jacobson have closed more than $2.8 billion in commercial real estate transactions since 2004.For more information, visit www.formancap.com<\/u><\/a>.<\/p>\n

Media Contact for Forman Capital:<\/strong>
Todd Templin: ttemplin@boardroompr.com<\/a>
Eric Kalis: ekalis@boardroompr.com<\/a>
Phone: 954-370-8999<\/p>\n

<\/p>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

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Newer apartment community Envy features 214 units in two separate buildings<\/p>\n

Pompano Beach\/ Palm Beach, FL, Sept. 03, 2024 (GLOBE NEWSWIRE) — Forman Capital, a leading private direct real estate lender, provided a $55.22 million bridge loan to Invesca Development and the Gold Coast Florida Regional Center to convert 214 Class A rental units into for-sale condo residences in Pompano Beach \u2013 one of South Florida\u2019s fastest-growing cities.<\/p>\n<\/div>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/12587"}],"collection":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/comments?post=12587"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/12587\/revisions"}],"predecessor-version":[{"id":12596,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/12587\/revisions\/12596"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=12587"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=12587"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=12587"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}