Forman Capital has provided a $55.22 million bridge loan to facilitate the conversion of 214 Class A rental units into for-sale condominium residences in Pompano Beach, one of South Florida’s rapidly developing cities. The Envy project comprises two 11-story buildings located at 450 East Atlantic Boulevard between Dixie Highway and U.S. 1, and is part of the larger Koi master-planned community, which includes trails, parks, and a private 26-slip marina. The loan originated from Forman Capital’s Ben Jacobson, Scott Mehlman, and Ty Regnier on behalf of the borrower, Envy Development DE, LLC. The financing was brokered by Jay Miller, Spencer Miller, and Noah Rothman of BayBridge Real Estate Capital, with the transaction closing on August 29, 2024.
Envy features studio, one-, two-, and three-bedroom units ranging from 703 to 1,026 square feet, all equipped with luxury finishes, stainless steel appliances, and private balconies. The property offers a range of high-end amenities, including 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 marina access.
This conversion comes as Pompano Beach experiences a significant development surge, following nearly $50 million in capital investments by the city’s Community Redevelopment Agency between 2012 and 2022. The city has since attracted substantial private development and investment, transforming it from a quiet seaside town into a dynamic year-round destination. “Pompano Beach is experiencing a true evolution,” noted Forman Capital Principal Ben Jacobson. “It 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.”
Prominent developers contribute to the city’s transformation with new luxury residential projects featuring iconic brand partners like Ritz-Carlton and Waldorf Astoria. “Since 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,” added Mehlman, Forman Capital Partner and Chief Investment Officer.
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If you need a realtor once these are built please reach out to me, I can walk to these lol