Envy Pompano Beach, FL

Investment Type: Construction Completion Property Description: Multifamily / Retail Loan Amount: $50MM

MRC originated a $50MM first mortgage loan collateralize by Envy, a newly-constructed 214-unit multifamily building with ground-floor retail space in Pompano Beach, Florida
The Borrower completed construction of Envy ahead of schedule and has benefitted from strong leasing velocity, averaging 15 units per month above underwritten rents despite the COVID-19 pandemic
The Borrower was in the market to refinance a construction loan held by an affiliate of MRC, but, taking into account all economic terms including fees, closing costs, timing, and ease of execution, they found MRC’s proposed terms for a new loan to be the most favorable for the project
MRC was able to provide a flexible solution to the Borrower during an uncertain climate in the market, providing a bridge to stabilize an asset in a bourgeoning submarket with a lack of comparable supply

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