Mergers & Acquisitions ·
Stewards completes $90M acquisition of Envy Pompano Beach for stock, debt refinancing and note
FAVOFavo Capital, Inc.
Stewards, Inc. completed the acquisition of Envy Pompano Beach, a Class A mixed-use real estate project in Florida comprising 214 residential apartments, a marina with 26 slips, and commercial space. The transaction closed on September 23, 2026, for an aggregate contractual purchase price of $90.0 million. Consideration included the refinancing of approximately $44.6 million in existing debt, the issuance of 14,263,025 shares of common stock valued at $3.00 per share ($42.8 million), and a $2.0 million unsecured promissory note. The company also entered into a new $47.7 million mortgage loan from LoanCore Capital Credit REIT LLC to fund reserves and closing costs. Seven million of the issued shares are held in escrow, subject to monthly cash payments by the company to release them through April 2027. Stewards, Inc. operates in the real estate investment and development industry.