Invesca receives $77 million in construction loans for plantation leases
Invesca receives $77 million in construction loans for plantation leases

Invesca receives $77 million in construction loans for plantation leases

Bernard and Michael Hsiao of Invesca Development Group with development location 4300-4400 Northwest Ninth Court in Plantation (Invesca, Google Maps)

Invesca Development Group has secured the financing it needs to advance a Plantation housing development.

The developer has raised $76.5 million to build the 330-unit Pixl complex on 6.7 acres of land it owns at 4300 Northwest Ninth Court, according to a notice of commencement of construction filed this month. An affiliate of New York-based Madison Realty Capital was the lender, records show.

It is not clear when Invesca bought the development site. No deed was recorded and the company used by the developer to own the property was not reorganized to reflect a change in management.

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Pixl is something of a comeback story for Invesca. The company has largely disappeared from the radar since the death of its CEO Christopher Longsworth in late 2020.
The deal also marks a continuation of the development company’s relationship with Madison Realty, which is led by Adam Tantleff, Josh Zegen and Brian Shatz.

In early 2020, Invesca borrowed $102 million from Madison to complete construction of a 214-unit apartment project in Pompano Beach.

Invesca, which Longsworth founded in 2001, is a developer that also offers property management and construction services, according to its website. The Plantation-based company is run by Michael and Bernard Hsiao.

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Completed projects include the Strata community of 21 buildings and 147 townhomes on 13 acres immediately south of Pixl. The 10-story Modulus apartment will also be built next to Strata and Pixl, with the three projects together forming a master-planned community.

The Pixl loan comes at a time when questions have been raised about South Florida’s real estate market. Although multifamily housing is one of the region’s most resilient asset classes due to strong demand from out-of-state transplants, Fed rate hikes could dampen development activity.

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Also, the record rent increases of the past two years have begun to cool this summer, with interest rates still rising, but at a slower pace.

South Florida lost its longtime national leader in annual rent growth in August as New York, Chicago and Boston surpassed the region, according to a Realtor.com report.

In another Plantation development, Lennar obtained the necessary rezoning to develop 40 single-family homes at 100 South Hiatus Road in July. That same month, PulteGroup paid $6.9 million for an 86-home development at 777 American Express Way.

Contact Lidia Dinkova

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Source : localtoday.news