Condo Developer Lands $67M Loan to Revive Stalled Project

Developer Vivian Dimond secured a $67 million construction loan for Tula Residences, the stalled North Bay Village condo project she took over earlier this year, The Real Deal has learned.

S3 Capital is providing the financing for the planned 21-story, 54-unit tower at 7918 West Drive, according to a news release.

Elsewhere in South Florida, S3 Capital, led by Robert Schwartz and Joshua Crane, is backing developer Giuseppe Iadisernia’s planned Oasis Hallandale condo development. S3 provided a $112 million construction loan in May for the project’s east tower.

Dimond’s Bayshore Grove Capital took over the LLC that owns the project last year from Malaysian developer Pacific & Orient Properties after more than a dozen liens were filed against the project. Pacific & Orient, led by CEO Thye Seng Chan, is still a partner in the project.

Pacific & Orient bought the site for $8.3 million in 2015 and received its first approvals in 2018. Construction started in 2023 and stalled out in December of that year, The Real Deal previously reported.

Dimond relaunched sales for the project earlier this year, with marketing led by Brown Harris Stevens. Units will include two- and three-bedroom options, as well as six penthouses averaging 4,000 square feet. Amenities will include a pool, fitness center, media room, pet spa and private dining room. Prices range from $2 million to $6 million.

Tula is one in a packed pipeline of planned condo developments in North Bay Village. Related Group and Macklowe Properties are planning a Ritz-Carlton-branded project with 364 condos, a 9,000-square-foot public park and a 42-slip private marina at 8000 East Drive and 7946 East Drive. In August, Masoud and Stephanie Shojaee’s Shoma Group landed $29.9 million in construction financing for their planned Shoma Bay condos, which will span 24 stories and 333 units.