Deutsche Bank Lends $118M on South Florida Mixed-Use Tower
Gold Coast Florida Regional Center has nabbed a $117.5 million debt package to refinance its Hollywood Circle mixed-use development in Hollywood, Fla., Commercial Observer has learned.
Deutsche Bank (DB) provided the loan for the developer’s 25-story Hollywood Circle property in a deal led by Peter Diconza Jr. and Joe Schaecter, sources told CO. The loan retires $125 million of debt Apollo Commercial Real Estate Finance supplied to refinance the asset in 2019.
BayBridge Real Estate Capital’s Jay Miller, Spencer Miller and AJ Felberbaum negotiated and structured the debt.
Located at 1740 Polk Street 20 miles north of Miami, the property includes 386 apartments known as the “Circ Residences” along with 11 studios operated by Sonder as short term stay residences. Ground floor retail features 48,000 square-foot Publix Supermarket, 1,500 square-foot Publix Liquors, a UPS store and an AT&T store.
Representatives for Deutsche Bank and Gold Coast did not immediately respond for comment. BayBridge declined to comment.
The project landed $60 million of construction financing in 2017 from City National Bank. The development was also funded with more than $100 million through the federal EB-5 initiative that rewards foreign investors with visas for significant American investments.
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