Churchill Provides $43M Construction Loan on South Florida Multifamily Project
Developer Giuseppe Iadisernia has secured $43 million of construction financing to build a 12-story multifamily project in Hollywood, Fla., Commercial Observer has learned.
Churchill Real Estate supplied the 24-month, Secured Overnight Financing Rate-based loan for Nine Hollywood, a 204-unit project located at 320 South Federal Highway. Construction commenced in January, and is slated for completion by September 2023.
Cooper Horowitz’s Michael Horowitz and Jordan Horowitz negotiated the financing alongside Brandon Fox and Zach Fox.
“The Hollywood sub-market is continuing to experience a surge in demand, leading to a compression in vacancies and unprecedented rent growth,” Sean Robertson, vice president and co-head of originations at Churchill with Jeff Rosenfeld, said in a statement. “This deal is a good example of our commitment to lending into supply-constrained growth markets such as South Florida.”
Nine Hollywood will feature a 276-space parking garage and 7,135 square feet of retail space on the ground floor. Amenities will include pool, fitness room and lounge.
Rosenfeld noted that the loan underscores the lender’s goal of funding projects in core growth markets throughout the Sun Belt. He noted that the Hollywood market remains one of the most affordable in the greater Fort Lauderdale metropolitan statistical area and is poised for population growth.
“We continue to focus our time and effort on markets with compelling net-migration patterns,” Rosenfeld said. “A lot of people thought the Sun Belt growth was transitory in nature, but we see the ‘quality-of-life’ pursuit to have sustainable tailwinds.”
Iadisernia did not immediately return a request for comment.
“We are proud to have assisted in delivering the best terms available in the market to our client,” Michael Horowitz said in a statement. “Churchill moved quickly and aggressively to pursue this opportunity.”
Andrew Coen can be reached at firstname.lastname@example.org.