BTI and Bridge Investment Nab $83M For Downtown Hollywood Rental

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BTI Partners and Bridge Investment Group secured $83 million for a rental project on the site of the former Bread Building in Downtown Hollywood, Fla. — part of a $500 million mixed-use development — the developers announced. 

The financing from Canadian Imperial Bank of Commerce will go towards the construction of a 25-story building featuring 362 market-rate apartments and approximately 16,000 square feet for retail. 

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The deal closed Friday. Cushman & Wakefield’s Steve Kohn, Chris Lentz and Chris Moyer brokered the transaction. Attorneys Luis Flores, Michael Denberg and Sophia Rub from Saul Ewing Arnstein & Lehr represented the developers. 

Last year, the joint venture paid $11 million for the 3.25-acre parcel, located at 1747 Van Buren Street, which faces Young Circle and ArtsPark.

The site housed the famed Bread Building office building, constructed in 1969. BTI and Bridge demolished the property last October, claiming that it had fallen into disrepair under the previous ownership.  

Across the circle, on the east side, the pair is planning another development. That project, currently in its early stages, will replace a strip mall and house two towers with residential and retail components. 

Both projects will represent a direct investment of over $500 million, according to the developers.

Julia Echikson can be reached at jechikson@commercialobserver.com.