Estate scores $71M construction loan for downtown Hollywood multifamily project

Estate Companies scored a $70.8 million construction loan for a 12-story multifamily project in downtown Hollywood.

The South Miami-based developer plans the 12-story Soleste Hollywood Village North with 300 apartments and eight live-work units at 2001 Van Buren Street. 

The loan comes amid expensive financing caused by the Federal Reserve’s interest rate hikes. While some developers have paused planned projects until rates drop, others are seeking debt from insurance firms that can sometimes offer better terms and lower rates than banks or debt funds. 

Estate’s loan is from Nationwide Life Insurance Company, according to records. Jeffrey Ardizon, principal of Estate, declined to provide the interest rate.  

Soleste Hollywood Village North is one of two projects Estate plans along Van Buren Street. At 2000 Van Buren Street, the developer plans an eight-story building with 203 apartments and five live-work units. 

Both buildings will consist of studios, one-bedroom apartments, one-bedrooms with a den and two-bedroom units. 

The city approved both projects last October.  

Also in downtown Hollywood, Estate is developing the eight-story, 324-unit Soleste-branded project at 2001 Hollywood Boulevard. The firm scored an $80 million construction loan for the development last year. 

Led by Ardizon and Managing Principal Robert Suris, Estate started out developing multifamily projects in Miami-Dade County. In recent years, the firm has expanded to Broward and Palm Beach counties. Aside from its Hollywood projects, it also is developing an eight-story, 253-unit apartment building at 208 North Federal Highway in Pompano Beach. 

In April, Estate scored approval for its first apartment project in downtown West Palm Beach. Soleste Palm Station, which derives its name from its proximity to the Brightline train stop, will consist of a pair of eight-story buildings with 321 units at 520 North Rosemary Avenue.