The new owner of H3 Hollywood, a previously unfinished condo development, has closed on a construction loan to complete the project stalled as a shell since 2016.
Kaufman Lynn Construction is expected to complete the building in less than 18 months.
Hollywood East LLC, led by broker Vivian Dimond and Cristina Pereyra Alvarez, closed on a $48.65 million construction loan from Trez Forman Capital Group for the unnamed 15-story, 247-unit building at 2165 Van Buren Street in Hollywood, according to a statement.
Dimond and a group of investors took over the project last year, settling with the buyers who had put down deposits at what was then H3 Hollywood, a 154-unit condo project being developed by Hollywood Station Investments. Hollywood Station Investments halted construction in the fall of 2016, The Real Deal reports.
The original project’s general contractor LB Construction, which won the bid for the project at a foreclosure auction, sold the property in April 2017 to Dimond’s Hollywood East LLC.
Dimond sold Avatar Real Estate Services, a residential real estate brokerage in early 2017 to Brown Harris Stevens and is now a principal and managing broker of Brown Harris Stevens Miami.
Trez Forman’s president and CEO Brett Forman arranged the financing for the Hollywood project, according to the release.
The previous owner built the shell for 13 of the 15 floors. The building will feature a pool deck on the fifth floor, nearly 4,800 sq. ft. of ground-floor retail space and a 433-space parking garage.
The 1.68-acre property is next to a proposed Brightline station, according to the release. It’s also near Young Circle, where MG3 Development Group is planning Parc Place, a mixed-use project with 433 apartments, retail space and a parking garage, The Real Deal reported.