Envy Development Gets $55M Bridge Loan for Pompano Beach Condo Conversion

Forman Capital has granted a bridge loan of $55.22 million to Invesca Development and the Gold Coast Florida Regional Center. The funding will be used to transform 214 Class A rental units into for-sale condominiums in Pompano Beach, Florida. This development, known as Envy, features two 11-story buildings located at 450 E. Atlantic Blvd., strategically situated between Dixie Highway and U.S. 1.

Community Features

Envy is part of the larger Koi master-planned community, which includes various amenities such as walking trails, parks, and a private marina with 26 slips. This setting is designed to enhance the living experience for residents and provide an appealing environment.

Loan Origination and Brokerage

The loan was originated by Forman Capital team members Ben Jacobson, Scott Mehlman, and Ty Regnier, representing Envy Development. The financing process was brokered by Jay Miller, Spencer Miller, and Noah Rothman from BayBridge Real Estate Capital.

Unit Specifications and Amenities

Envy offers a variety of living options, including studio, one-, two-, and three-bedroom units that range from 703 to 1,026 square feet. Each residence features upscale finishes, stainless steel appliances, and a private balcony. The property is equipped with numerous luxurious amenities, such as a South Beach-style pool with cabanas, a wine lounge, a spa, an outdoor movie theater, a state-of-the-art fitness center, a pet spa, and convenient marina access.