Invesca Development Group has secured $94 million in financing to complete the construction of its PIXL apartments in Plantation. The project, located at 4350 West Sunrise Boulevard, will feature 330 apartments. The new funding was necessary to address the maturity of the original construction loan, manage additional costs from hiring a new contractor, and support the project through lease-up, according to Jay Miller of BayBridge Real Estate Capital. Miller, along with Spencer Miller, AJ Felberbaum, and Noah Rothman, facilitated the financing through Madison Realty Group and Taconic Capital Advisors.
PIXL. Credit: Invesca Development Group.
Originally, Invesca received a $76.5 million construction loan from an affiliate of Madison Realty Group in 2022, coinciding with the start of construction, according to the South Florida Business Journal. However, issues arose with a structural contractor, leading to a legal battle that resulted in Invesca securing two judgments totaling $11.4 million. The need to hire a new contractor led to increased costs, prompting the developer to seek additional financing.
PIXL. Credit: Invesca Development Group.
“This project was successfully refinanced due to its strong fundamentals,” stated Miller. “It’s a high-quality development, and the market clearly has confidence in it.”
The new financial package includes modifying the original construction loan, reducing it to $72 million from the Madison Realty Capital affiliate, 4350 West Sunrise Boulevard LLC, and a $22 million mezzanine loan from Taconic Capital Advisors. Pixl is expected to be completed in the fourth quarter of this year.
PIXL. Credit: Invesca Development Group.
PIXL. Credit: Invesca Development Group.
“We’re pleased to collaborate with Madison Realty Capital to deliver a streamlined financing solution for the completion and lease-up of Pixl,” said Eric Sitman, director at Taconic Capital Advisors. “The Invesca team is creating an outstanding project that we believe will be highly appreciated in the market due to its quality and features.”
Units in Pixl will range from 800 to 1,622 square feet, including some loft-style units with 18-foot ceilings. Each apartment will have smart home features. Amenities will include a clubhouse with billiard tables, card tables, a game room, a movie room, a spa with a steam room and sauna, and a pool.
PIXL. Credit: Invesca Development Group.
“We’re happy to provide a tailored, transitional financing package to Invesca, a trusted partner since 2020,” said Josh Zegen, principal at Madison Realty Capital. “Delivering the next phase of financing alongside Taconic Capital Advisors highlights our ability to effectively serve our clients and collaborate with other lenders.”
PIXL Apartments is part of a comprehensive 25-acre master-planned development along Sunrise Boulevard and 441. The mixed-use project includes approximately 150 townhomes, 330 multifamily units, and 50,000 square feet of retail and office space. The PIXL development is adjacent to the Strata Townhome Community, another project by Invesca in Plantation. The final phase of the master-planned site, known as Modulus, is currently being planned. Modulus will feature a modern high-rise offering office space in the tower, with the base dedicated to medical research and retail shops.
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