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Invesca & GVF Development Secures $55.22M Refinance Loan From Forman Capital For 214-Unit Multifamily

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FINANCED
$55,220,000
Jay Miller
Aj Felberbaum
+ 1

Florida

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MultiFamily400,000 SF
Financed
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FINANCED

Invesca & GVF Development Secures $55.22M Refinance Loan From Forman Capital For 214-Unit Multifamily

450 East Atlantic Boulevard

See Similar Deals
MultiFamily400,000 SF
Financed
Jay Miller
Aj Felberbaum
+ 1
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Summary

FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$138
Total Square Footage:400000 SF
Transaction Type:Loan

The property asset involved in the transaction is a multifamily development located at 450 East Atlantic Boulevard in Pompano Beach. The asset comprises 214 units and spans a total of 400,000 square feet. The loan amount for this refinance transaction is $55,220,000.

Summary of transaction details:

The individuals involved in the transaction include Scott Mehlman and Benjamin Jacboson representing the lending side as part of Forman Capital. Invesca and GVF Development act as the landlords for the property. The brokers representing the transaction from BayBridge Real Estate Capital are Jay Miller, Spencer Miller, Aj Felberbaum, and Noah Rothman.

Players

Aj Felberbaum
31 deals$2.4B volume(646) 213-7600
BROKER

Jay Miller
BayBridge Real Estate Capital
34 deals$2.6B volume(646) 213-7561
BROKER

Spencer Miller
BayBridge Real Estate Capital
30 deals$2.4B volume
BROKER

Noah Rothman
BayBridge Real Estate Capital
10 deals$797.4M volume
BROKER

Forman Capital
LENDER

Details

FINANCED
IMAGE: Spencer Miller, Noah Rothman, Jay Miller, Benjamin Jacboson, Aj Felberbaum & Scott Mehlman DATE: 08/29/2024 ADDRESS: 450 East Atlantic Boulevard MARKET: Pompano Beach ASSET TYPE: Multifamily ~ UNITS: 214 ~ SF: 400,000 LENDER: Scott Mehlman & Benjamin Jacboson (@BenjaminJacobsonfl) - Forman Capital (@FormanCapital) LANDLORD: Invesca & GVF Development BROKERS: Jay Miller, Spencer Miller, Aj Felberbaum & Noah Rothman - BayBridge Real Estate Capital LOAN AMOUNT: $55,220,000 LOAN TYPE: Refinance

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$55,220,000.00

Monthly NOI$368,133.33
Monthly Debt Service$349,027.96
Change in Cash Flow$0.00
Refinance Proceeds$0.00