Stewards Closes $90M Deal for Envy Pompano Beach Apartments
Stewards closed its $90M buy of Envy Pompano Beach, backed by a $47.7M LoanCore loan arranged by BayBridge, about 53% loan-to-price.
Stewards Inc. (Nasdaq: SWRD) said it has closed its $90 million acquisition of Envy Pompano Beach, a 214-unit apartment complex in Broward County, according to a GlobeNewswire release dated Sept. 24. The closing converts a deal The American Developer flagged Sept. 14 as part of Stewards’ proposed $240 million stock-and-cash bid for sister company PIXL and the Envy Broward apartments into a completed transaction, with outside debt now attached to the property.
Why it matters
Stewards financed just over half the purchase with a $47.7 million loan from LoanCore Capital Credit REIT LLC, arranged by BayBridge Real Estate Capital’s Jay Miller, Spencer Miller, AJ Felberbaum, Noah Rothman and Jonah Gentleman. A loan-to-price ratio near 53% shows the buyer leaning on outside debt rather than an all-stock rollover to close, a structure worth tracking as the company works through the rest of its PIXL-linked absorption in the South Florida multifamily market.
The numbers
- $90.0 million: total purchase price for Envy Pompano Beach
- $47.7 million: LoanCore Capital Credit REIT loan, about 53% loan-to-price
- 214: residential units, plus a 26-slip marina and roughly 5,575 square feet of retail space
- 89.3%: physical occupancy, 93.0% leased, as of Aug. 26, 2026
- $5.3 million: trailing 12-month revenue
- $420,561: implied price per unit
What’s next
Stewards said its immediate priority is stabilizing the property. “Our immediate focus is on occupancy, collections, and operating discipline,” said Larry Botel, president of Stewards Realty. CEO Shaun Quin framed the buy as a chance to improve an underperforming South Florida asset. The company’s operating plan targets net operating income growth from $1.7 million to more than $4.2 million at stabilization, more than doubling cash flow on the property, which was completed in 2020. The deal follows Stewards’ wider push into South Florida real assets tied to its PIXL bid, which The American Developer will keep tracking as remaining pieces of that transaction close.