Hollywood Bread Building redevelopment secures $83 million loan
PSTN partnersin partnership with Bridge Investment Groupsecured $83 million in funding for the redevelopment of the Hollywood Bread Building in Hollywood, Florida.
Cushman and Wakefield arranged the construction loan, which was provided by Canadian Imperial Bank of Commerce.
BTI Partners and its partner Bridge Investment acquired the downtown property in June 2021, from MG3 Developer Group for $11 million. The 11-story Bread Building was demolished last year, but its historic sign will be preserved.
Located on Young Circle, the redevelopment will bring a 25-story building with 362 market-priced apartments and some 16,000 square feet of retail space.
Located at 1727-1745 Van Buren St., 1700-1716 Harrison St., and 1740-1760 S. Young Circle, the site is located at the west end of downtown Hollywood across from the ArtsPark at Young Circle, between Art and Culture Center and Hollywood Central Performing Arts Center. The mixed-use project will be 2.1 miles from Hollywood Beach, 6 miles from Fort Lauderdale International Airport and 2.8 miles from the headquarters of HEICO, one of the area’s largest employers.
A revitalized downtown Hollywood
The project is part of the companies initiative to revitalize downtown Hollywood. BTI Partners is in the planning and approval stages with another project near the Hollywood Bread Building, a development focused on replacing an outdated shopping mall with two residential towers. The two projects will represent a total investment of more than $500 million for the Young Circle neighborhood.
Steve Kohn, Vice Chairman of Cushman & Wakefield’s Equity, Debt & Structured Finance team, Chris Lentz, Executive Director, and Chris Moyer, Executive Managing Director, represented BTI Partners. The team advised the company on arranging the joint venture partnership with Bridge Investment Group, secured construction financing and also identified the Canadian Imperial Bank of Commerce as a lender.
Saul Ewing Arnstein & LehrLawyers Luis Flores, Michael Denberg and Sophia Rub represented the borrower and developer to secure the loan.
Earlier this month, Terwilliger Brothers Residential opened Trevesta Place in Palmetto, Florida. The 256-unit project received a $34 million construction loan. Last month, OKO Group and Cain International landed $97.2 million in financing for the construction of One River, an upcoming multi-family tower in Fort Lauderdale, Florida.