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

By Brian Bandell for South Florida Business Journal

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.

External Source: Estate Companies obtains loan to build Soleste Hollywood Boulevard apartments – South Florida Business Journal (bizjournals.com)