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| Hollywood East Apartments, 2165 Van Buren Street Hollywood, FL |
Palm Beach, FL –Trez Forman Capital Group funded
a $48.65 million construction loan to allow for the completion of a 15-story,
247-unit luxury apartment building in Hollywood, Fla.
Borrower Hollywood
East, LLC is reviving construction of the 2165 Van Buren St. building,
which was previously planned as a condominium project.
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| Brett Forman |
The project is located on 1.68 acres adjacent to a proposed
station for Brightline, which recently announced a planned
rebranding as Virgin Trains USA following an investment from business magnate Richard
Branson.
Hollywood East took over the project in 2017 and expects to
complete the apartment building within 18 months. Kaufman Lynn Construction is
the general contractor.
A previous owner had constructed a 13-story concrete shell
in 2015. Hollywood East is working on concrete remediation as the first step in
finishing construction. The completed building will include 4,753 square feet
of ground-floor retail space and a 443-space parking garage.
“It was a pleasure to work with a borrower that has a vision
and clear plan to deliver this long-anticipated project,” said Forman.
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| Richard Branson |
“Hollywood is an
extremely strong multifamily submarket, fueled by its central location within
the tri-county area, access to global markets and a multicultural workforce and
proximity to transit and major highways. Demand from renters for this product
should be high.”
For Trez Forman, a
joint venture formed in 2016 by Palm Beach-based Forman Capital and
Vancouver-based Trez Capital Group - one of Canada’s
largest private commercial mortgage lenders, the Hollywood transaction
continues the momentum from a busy first 11 months of the year. The venture has
closed more than $500 million in deals in 2018.
Trez Forman provides commercial
bridge loans for development and construction and senior stretch financing,
starting at about $5 million. It also offers private and institutional
investors equity investment opportunities in a variety of funds and assets.
CONTACTS:
Todd Templin and Eric Kalis
954-370-8999
BoardroomPR
O 954-370-8999
C 305-794-5123
Bank of America
Plaza | 1776 N Pine Island Road
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