Developer Giuseppe Iadisernia has secured $43 million in construction financing to build a 12-story multi-family project in Hollywood, Fla., Commercial Observer has learned.
Churchill Real Estate provided the 24 month loan, secured at the overnight rate for Nine Hollywooda 204-unit project located in 320 South Federal Highway. Construction began in January and is expected to be completed in September 2023.
Cooper Horowitzit’s Michael Horowitz, Jordan Horowitz negotiated financing alongside Brandon’s Fox and Zach Fox.
“The Hollywood submarket continues to experience a surge in demand, leading to a squeeze in vacant units and unprecedented rental growth,” Sean RobertsonVice President and Co-Head of Origins at Churchill with Jeff Rosenfeld, said in a statement. “This agreement is a good example of our commitment to lending in growth markets with limited supply such as South Florida.”
Nine Hollywood will include a 276-space parking garage and 7,135 square feet of retail floor space. Facilities will include a swimming pool, fitness room and lounge.
Rosenfeld noted that the loan underscores the lender’s goal of financing projects in key Sun Belt growth markets. He noted that the Hollywood market remains one of the most affordable in the Greater Fort Lauderdale Metropolitan Statistical Area and is poised for population growth.
“We continue to focus our time and efforts on markets with compelling net migration patterns,” Rosenfeld said. “A lot of people thought Sun Belt’s growth was transient in nature, but we see the pursuit of ‘quality of life’ to have lasting tailwinds.”
Iadisernia did not immediately return a request for comment.
“We are proud to have contributed to offering the best conditions available on the market to our client,” said Michael Horowitz in a press release. “Churchill moved quickly and aggressively to seize this opportunity.”
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