/

|

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.

Forman Capital, a Boynton Beach, Fla.-based private direct real estate lender, provided the loan. Ben Jacobson, Scott Mehlman and Ty Regnier of Forman Capital originated the loan on behalf of the borrower, Envy Development DE. Jay Miller, Spencer Miller and Noah Rothman of BayBridge Real Estate Capital, a New York City-based commercial real estate capital markets advisory firm, brokered the financing transaction, which closed on Aug. 29.