The developer of a Hollywood rental tower that was once slated for condos landed a $58 million refinancing for the nearly completed project.
Hollywood East LLC, led by real estate broker Vivian Dimond and her business partner Cristina Pereyra Alvarez, secured the three-year loan for the 247-unit Hollywood East Apartments at 2165 Van Buren Street, according to FM Capital principal Aaron Kurlansky. Kurlansky and his colleague Daniel Kaweblum arranged the debt from New York’s Benefit Street Partners.
The financing will be used to pay off a $49 million construction loan the developer received from Canada’s Trez Capital in late 2018. The new three-year, interest-only bridge loan carries an interest rate below 5.5 percent.
A group of investors led by Dimond took over the 15-story project in 2017, settling with the buyers who had put down deposits at what was then H3 Hollywood, a 154-unit condo building being developed by Hollywood Station Investments. Hollywood Station Investments halted construction in the fall of 2016.
The previous owner built the shell for 13 of the 15 floors and the building is now about 90 percent completed. Leasing will begin after the project receives a temporary certificate of occupancy.
The rental building will feature a pool deck on the fifth floor, nearly 4,800 square feet of ground-floor retail space and a 433-space parking garage.
The nearly 1.7-acre property sits next to a planned Brightline station. The city of Boca Raton was recently awarded a $16.4 million grant from the U.S. Department of Transportation to fund construction of the train station, according to CBS12.
The Hollywood East building is also near Young Circle. Two years ago, MG3 Development Group received approval for Parc Place, a mixed-use project with 433 apartments, retail space and a parking garage.