A stalled multifamily project in Hollywood, Fla., is back on track after several years thanks to new ownership and a $49 million construction loan provided by Trez Forman Capital Group. Originally planned as a condominium development, H3 Hollywood will now be a 15-story, 247-unit luxury apartment building.
Located on 1.7 acres at 2165 Van Buren St., and adjacent to a site for a proposed rail station, the building will have 4,753 square feet of ground-floor retail and a 443-space parking garage. Hollywood East LLC took over the project in 2017. The previous owner had constructed a 13-story concrete shell in 2015 before stopping the development. Construction is expected to be completed within 18 months.
Brett Forman, president & CEO, arranged the construction loan, which closed Dec. 11, 2018.
“It was a pleasure to work with a borrower that has a vision and clear plan to deliver this long-anticipated project,” Forman said in a prepared statement. “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.”
Trez Forman, a joint venture formed in 2016 by Palm Beach, Fla.,-based Forman Capital and Vancouver-based Trez Capital Group, has closed more than $500 million in deals in 2018. The firm 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 investments in a variety of funds and assets.
In July, Trez Forman closed a $42 million construction loan for a 297-unit rental community in the Charlotte suburb of Huntersville, N.C., where Caldwell Station NC plans to build a Class A, 20-building, garden-style apartment community. In May, it had closed a $17.2 million acquisition loan for a 138-acre parcel in Hillsborough, N.C., where Collins Ridge Lando is developing a master-planned community with 800 residential units. Trez Forman also closed on a $17.2 million loan in February for the acquisition of a 138-acre residential development site in the Raleigh-Durham-Chapel Hill metro area and completed a $2.5 million acquisition loan for a 195-acre residential development in Surf City, N.C. Also in February in North Carolina, Trez Forman closed on a $35 million loan for a mixed-use development in Wilmington, N.C.
South Florida deals this year include a $17 million construction loan to finance development of a 24-unit luxury condo development in Fort Lauderdale, Fla., and an $85 million construction loan for The 4 West Las Olas 260-unit community in downtown Fort Lauderdale.
Rendering courtesy of Trez Forman Capital Group