Hollywood Bread Building Redevelopment Obtains $83M Loan
BTI Partners and Bridge Investment Group bought the property in 2021 for $11 million.
BTI Partners, in partnership with Bridge Investment Group, has secured $83 million in financing for the redevelopment of the Hollywood Bread Building in Hollywood, Fla.
Cushman & Wakefield arranged the construction loan, which was provided by Canadian Imperial Bank of Commerce.
BTI Partners and equity 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 landmark sign will be preserved.
Situated on Young Circle, the redevelopment will bring a 25-story building with 362 market-rate 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 situated at the west end of downtown Hollywood, in front of 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 HEICO’s headquarters, one of the area’s major 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 obsolete strip mall with two residential towers. The two projects will represent a total investment of more than $500 million for the Young Circle neighborhood.
Cushman & Wakefield Equity, Debt & Structured Finance team’s Vice Chairman Steve Kohn, Executive Director Chris Lentz and Executive Managing Director Chris Moyer represented BTI Partners. The team advised the company on arranging the joint venture partnership with Bridge Investment Group, secured the construction financing and also identified Canadian Imperial Bank of Commerce as lender.
Saul Ewing Arnstein & Lehr’s attorneys Luis Flores, Michael Denberg and Sophia Rub represented the borrower and developer in securing the loan.
Earlier this month, Terwilliger Brothers Residential broke ground on Trevesta Place in Palmetto, Fla. The 256-unit project received a $34 million construction loan. Last month, OKO Group and Cain International landed $97.2 million in construction financing for One River, an upcoming multifamily tower in Fort Lauderdale, Fla.