BTI and Bridge Investment Nab $83M For Downtown Hollywood Rental – Commercial Observer

BTI Partners and Bridge Investment Group secured $83 million for a rental venture on the location of the previous Bread Building in Downtown Hollywood, Fla. — a part of a $500 million mixed-use improvement — the builders introduced. 

The financing from Canadian Imperial Bank of Commerce will go in direction of the development of a 25-story constructing that includes 362 market-rate residences and roughly 16,000 sq. ft for retail. 

The deal closed Friday. Cushman & Wakefield’s Steve Kohn, Chris Lentz and Chris Moyer brokered the transaction. Attorneys Luis Flores, Michael Denberg and Sophia Rub from Saul Ewing Arnstein & Lehr represented the builders. 

Last yr, the three way partnership paid $11 million for the three.25-acre parcel, situated at 1747 Van Buren Street, which faces Young Circle and ArtsPark.

The website housed the famed Bread Building workplace constructing, constructed in 1969. BTI and Bridge demolished the property final October, claiming that it had fallen into disrepair beneath the earlier possession.  

Across the circle, on the east aspect, the pair is planning one other improvement. That venture, at the moment in its early levels, will exchange a strip mall and home two towers with residential and retail parts. 

Both initiatives will characterize a direct funding of over $500 million, in keeping with the builders.

Julia Echikson could be reached at [email protected].

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