Deutsche Bank Refis South Florida Mixed-Use Asset With $133M Loan
By Andrew Coen January 11, 2024 12:45 pm
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EB-5 investment firm Gold Coast Florida Regional Center has landed a $133.4 million loan to refinance a mixed-use asset in Hollywood, Fla., Commercial Observer has learned.
Deutsche Bank (DB) provided the loan on the sponsor’s 25-story Hollywood Circle property in a deal led by Peter Diconza and Joe Schaecter. The transaction retires a previous $117.5 million bridge loan Deutsche Bank originated in 2021.
Baybridge Real Estate Capital’s Jay Miller, Spencer Miller and AJ Felberbaum arranged the refinancing.
Located on 1740 Polk Street, eight miles south of Fort Lauderdale in Downtown Hollywood, Gold Coast Florida Regional Center includes 386 apartments and the 111-room Circ Hotel, which is managed by Trust Hospitality. The property also features supermarket chain Publix, which operates a 48,000-square-foot store at street level under a 15-year lease that began last spring.
Gold Coast Florida Regional Center is run by Florida property executives Peter Jago and Chip Abele, who have secured foreign funding for Hollywood Circle and other development projects through the employment-based (EB) visa program.
Officials at Deutsche Bank and Gold Coast Regional Center did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
