Hallandale office condo nabs $13M construction loan
An office condo project in Hallandale Beach just secured $13 million in construction financing.
Beacon Hallandale, an 80-unit, 70,000-square-foot building planned for 800 Southeast Fourth Avenue, closed on the loan about two weeks after breaking ground, according to a spokesperson for the developer, H&M Development. Records show First Green Bank is the lender. H&M is led by the company’s president, Harry Dornbusch.
More than 55 percent of the office condos have been presold with prices starting at $165,000. Units range from 364 square feet to 1,468 square feet. Aventura-based Boulton CRE is handling sales. When it’s completed in the summer of 2018, the eight-story building will have three levels of parking, a conference room and lounge area, and a terrace on the sixth floor.
Records show Beacon Hallandale 26 LLC paid nearly $2.6 million for the 35,384-square-foot development site in January 2016.
More than a dozen projects are in the works in Hallandale Beach, which borders Hollywood.
Mexican developer Grupo Eco recently announced it was going all commercial on its two-phased Hallandale Beach project called Atlantic Village, which will total 67,000 square feet of retail and office space when it’s completed.
Hallandale ArtSquare, at 413 North Federal Highway, will include 358 apartments and about 12,000 square feet of “community-style” retail space, including restaurants and coffee shop-like tenants. It’s slated to open in early 2018. And new to the beachfront is Hyde Resort & Residences, which the Related Group, Fortune International Group and sbe completed earlier this year.
Source: The Real Deal