BTI Partners, in partnership with Bridge Investment Group, has secured an $83 million construction loan for the redevelopment of the Hollywood Bread Building site in Florida. Demolished last year, the Bread Building was long neglected, and its site will now become 362 apartments with roughly 16,000 square feet of retail space.
“The new Hollywood Bread Building development will continue to inject new life into downtown Hollywood and is an important milestone to the future redevelopment of a new and revitalized Young Circle,” says Noah Breakstone, CEO of BTI Partners. “Overlooking ArtsPark, easy access to amazing beaches, and close proximity to South Florida’s largest employment hubs, the new mixed-use development will be a tremendous asset for the city and residents looking to live, work, and play in Hollywood’s east urban core.”
BTI Partners and Bridge Investment Group acquired the site for $11 million in June 2021. The project is a part of their larger efforts to continue revitalizing downtown Hollywood. “Bridge is excited to bring a development of this quality to Young Circle for Hollywood residents to enjoy,” says David Coelho, chief investment officer of Bridge Development and Opportunity Zones. “We are grateful for all of the support we received from residents, community leaders, and elected officials. We look forward to continuing construction and turning our vision into reality.”
Cushman & Wakefield's Equity, Debt & Structured Finance team brokered the transaction and played a key role in identifying Canadian Imperial Bank of Commerce as the ideal capital source. “We are pleased to have been involved in the financing of this game-changing development, which will help meet the demand for more housing opportunities in Hollywood as its strategic location continues to attract residents and businesses to the city,” says Steve Kohn at Cushman & Wakefield, whose team advised BTI Partners on the joint venture with Bridge and securing the construction loan.
A few steps away from the Bread Building on the east side of Young Circle, BTI Partners is also in the planning and approval stages of a second project to replace a rundown strip mall with twin modern towers. It will include residential living, retail, restaurants, office space, and a skywalk connecting the two towers. The two projects will represent a direct investment of over $500 million in Hollywood's Young Circle neighborhood.