NEW YORK--(BUSINESS WIRE)--Taconic Capital Advisors LP (“Taconic”) today announced that it has provided Invesca, a leading real estate development company, with a new $22.0 million mezzanine loan to facilitate the completion of its PIXL project, an eight-story mid-rise apartment complex that is under construction as part of a vibrant residential master-planned community in Plantation, Florida.
Taconic’s new mezzanine financing—in conjunction with new senior financing provided by Madison Realty Capital—will be used by Invesca to recapitalize and complete its PIXL project.
Located at 4400 S. Sunrise Blvd., PIXL will feature 330 apartments that will range from 800 to 1,622 square feet, including selected loft-style units with 18-foot ceilings. Each apartment will have smart home features, and the community will include a state-of-the-art clubhouse offering facilities to play billiards and cards, a game room, movie theater, spa with steam room and sauna, swimming pool and hot tubs, BBQ and picnic areas, automated package delivery, and art installations throughout the premises.
“We are excited to partner with Madison Realty Capital to provide an efficient financing solution for the completion and lease-up of PIXL,” said Eric Sitman, Director in Taconic Capital Advisors’ Commercial Real Estate Group. “The Invesca team is building a best-in-class project that we expect to be well-received by the market given its construction quality and amenities.”
“We are pleased to provide a customized, transitional financing package to Invesca, a repeat borrower since 2020. Delivering the next phase of financing for a repeat borrower alongside Taconic Capital Advisors, demonstrates our unique ability to execute on behalf of our borrowers as well as work closely with other lenders,” said Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital.
Financing was arranged by Jay Miller, Spencer Miller, AJ Felberbaum and Noah Rothman of BayBridge Real Estate Capital.
The PIXL project is expected to be completed in the fourth quarter of 2024.
About Taconic Capital Advisors
Taconic Capital Advisors is a global institutional investment firm that pursues an event-driven, multi-strategy investment approach designed to generate strong, risk-adjusted returns over multiple market cycles. Taconic was founded in 1999 by former Goldman Sachs partners Frank Brosens and Ken Brody. The firm has approximately $6 billion of total assets under management with offices in New York and London and more than 100 employees worldwide.
Taconic’s full-service commercial real estate platform invests in all asset classes and across the capital structure in both public and private markets. The strategy’s broad mandate offers flexibility to capitalize on shifting market opportunities, creating uncorrelated risk-adjusted return profiles for investors. Rooted in distressed and opportunistic investing, the team applies high-touch asset management capabilities to drive strong asset-level performance and capital market executions. Well-established relationships drive Taconic’s differentiated and diverse transaction sourcing channels which include local operating partners, investor partners and a broad network of lenders, CMBs special servicers, trading desks and brokerage houses.
Taconic’s series of closed-ended real estate funds are fully discretionary and have received over $1 billion in capital commitments. Investments to date across all Taconic funds total over $3 billion of gross asset value across roughly 175 distinct transactions.
About Madison Realty Capital
Madison Realty Capital is a vertically integrated private equity firm focused on US-based commercial real estate private credit strategies. As of March 31, 2024, the firm, including its controlled affiliates (collectively, “Madison”), manages $20.2 billion in assets on behalf of a global institutional investor base. Since 2004, Madison has completed over $44.9 billion of securities and non-securities real estate transactions largely through direct lending to a wide range of borrowers, acquiring non-performing loans and making preferred equity investments. Madison Realty Capital seeks to deliver value across every phase of the property lifecycle by providing customized financing solutions and strong underwriting capabilities that meet borrowers’ unique needs with speed and certainty of execution. To learn more, follow Madison Realty Capital on LinkedIn and visit www.madisonrealtycapital.com.
