Estate Companies Receives $70.8M Construction Loan From Nationwide Life Insurance For Hollywood Development Site
2001 Van Buren Street
$70,800,000
Building Size
—
Asset Type
Development Site
Closing
Aug 23, 2023
AI
The asset involved in this transaction is a development site located at 2001 Van Buren Street in Hollywood. The property is part of the Soleste Hollywood Village North project, which is a 12-story structure featuring 300 apartments and eight live-work units. The loan amount secured for this development is $70,800,000, provided as a construction loan by Nationwide Life Insurance Company.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $70,800,000
- Lender: Nationwide Life Insurance Company
- Landlord: Estate Companies - Robert Suris & Jeffrey Ardizon
- Market: Hollywood
- Loan Type: Construction Loan
The loan was secured by Estate Companies, represented by Robert Suris and Jeffrey Ardizon, indicating their involvement in the development financing process. This alignment with trends in the market highlights the growing preference among developers to seek favorable loan terms from insurance firms amid the current economic conditions.
Players
Hollywood Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.22%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93