Plantation, Fla.-based Invesca Development and the Gold Coast Florida Regional Center, an EB-5 immigration investing program center, have secured a $55.2 million bridge loan to convert Envy Pompano Beach into condominiums. The 214-unit Class A rental property is located in Pompano Beach, Fla.
Executives at Forman Capital noted Pompano Beach is in the middle of a building boom, spurred in part by the city’s $50 million investment into capital projects between 2012 and 2022. The Community Redevelopment Agency’s investments in the city’s downtown helped transform Pompano Beach into a year-round destination with new housing, restaurants and entertainment offerings.
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