Estate Companies Receives $70.8M Construction Loan From Nationwide Life Insurance For Hollywood Development Site

Estate Companies - Robert Suris & Jeffrey Ardizon have secured a $70.8 million construction loan from Nationwide Life Insurance Company for their 12-story Soleste Hollywood Village North project in downtown Hollywood. The development site, located at 2001 Van Buren Street, will encompass 300 apartments and eight live-work units. This project aligns with the current trend of developers seeking better loan terms from insurance firms in light of the recent interest rate hikes.

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
• Loan Type: Construction Loan

Nationwide Life Insurance Company serves as the lender in this transaction, providing the substantial construction loan to Estate Companies. Robert Suris and Jeffrey Ardizon, representatives of the Estate Companies, successfully secured the loan for their Soleste Hollywood Village North project. As developers, Suris and Ardizon strategically pursued a loan from an insurance firm to negotiate better terms given the prevailing interest rate conditions.