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Estate Cos. obtains $80M loan to build Hollywood apartments



The Estate Cos. will soon break ground on an apartment complex in downtown Hollywood after obtaining an $80 million construction loan.


U.S. Bank provided the mortgage to Downtown Hollywood Holdings LLC, an affiliate of the Miami-based Estate Cos. It covers 2.26 acres at 2001 Hollywood Blvd., plus 115 and 121 N. 21st Ave.


The developer assembled the site for $15.23 million in 2021 and knocked down an office building and a nightclub.


Last year, the city approved the eight-story Soleste Hollywood Boulevard project, with 324 apartments, nearly 30,000 square feet of commercial space, and 475 parking spaces. It was designed by Miami-based Modis Architects.


There’s been a building boom in Hollywood. City officials changed the zoning in the downtown area to have more density and mixed-use projects, and many people are moving into the new buildings.


The Estate Cos. is one of the largest multifamily developers in South Florida, with eight Soleste-branded buildings completed since 2012 and more on the way. It even has another apartment complex planned in Hollywood.


June 2022. South Florida Business Journal.

https://www.bizjournals.com/southflorida/news/2022/06/22/estate-companies-80m-loan-hollywood-apartments.html