HOLLYWOOD, FL-BH III LLC, a private equity group, paid $308 persquare foot for the Related Group’s construction loan on the lastof the unsold developer units in the Hollywood/Hallandale Beachsubmarket, according to a report from Condo Vultures. Specifically,the group paid $160 million for the balance of a $226.6 millionloan at the 200-unit Trump Hollywood.

"This is a milestone for South Florida’s overbuilt condomarket,” says Peter Zalewski, a principal with the Bal Harbour,Fla.-based real estate consultancy Condo Vultures. "TheHollywood/Hallandale Beach area has earned the distinction of beingthe first South Florida market to sell out of more than 99% of thetotal condo inventory built during the boom years.”

Broward County Clerk of the Court records show Trump Hollywoodhad 180 unsold units as of Nov. 19, 2010. With the Trump Hollywoodcondo bulk transaction, almost all of the 228 available developerunits in the submarket are sold. Before the note sale, buyers onlypurchased 20 units in the 40-story tower completed in 2009. Thoseunits sold for an average of more than $600 per square foot,according to Condo Vultures. Related executives would not commentfor this story.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.