The Investca Development Group secured the financing needed to advance the Plantation housing complex.
The developer raised $76.5 million to build the 330-unit Pixl complex on the 6.7-acre land it owns at 4300 Northwest Ninth Court, according to a preliminary construction notice filed this month. The New York-based subsidiary of Madison Realty Capital is the lender, according to records.
It is not clear when Investca purchased the development site. No deed was recorded and the company used by the developer to own the property has not been reorganized to reflect the change in management.
Pixl is sort 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 the continuation of the development company’s relationship with Madison Realty, led by Adam Tantleff, Josh Zegen and Brian Shatz.
In early 2020, Invesca borrowed $102 million from Madison to complete the 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 led by Michael and Bernard Hsiao.
Completed projects include the Strata community of 21 buildings and 147 townhouses on 13 acres just south of Pixl. Also, the 10-storey Modulus condominium will be built near Strata and Pixl, with the three projects together forming the master planned community.
The Pixl loan comes at a time when questions have been raised about the South Florida housing market. While multifamily housing is one of the region’s most resilient asset classes due to high demand from out-of-state transplants, a Fed rate hike could dampen development activity.
Also, the record rent increases in the past two years are starting to cool off this summer, with interest rates still rising, but at a slower pace.
South Florida lost its national lead in annual rental growth in August, as New York, Chicago and Boston took over the region, according to a Realtor.com report.
On another development at the Plantation, Lennar obtained the necessary rezoning for the development of 40 single-family homes at 100 South Hiatus Road in July. That same month, PulteGroup paid $6.9 million for the construction of 86 townhouses on the 777 American Express Way.
Contact Lidia Dinkova