This article is republished with permission from Commercial Observer
Commercial Observer (February 4, 2025) - Starlife Group has secured $35 million of construction financing to build a multifamily development in Hollywood, Fla.,Commercial Observer can first report.
Peachtree Group originated the fixed-rate Commercial Property Assessment Clean Energy (C-PACE) loan on the developer’s planned 200-unit 21 Hollywood project.
SF Capital Group’s Matt Shane arranged the transaction, which will be used to support the 13-story project’s energy efficiency, envelope enhancements and hurricane resiliency measures.
Jared Schlosser, Peachtree Group’s senior vice president, said the long-term structure of the deal was an ideal approach for the project amid a high interest rate climate, with Peachtree covering 40 percent of the cost and Starlife Group contributing 60 percent equity. The 30-year loan is non recourse outside of a completion guarantee, according to Schlosser.
“We handled theconstruction draws just like you would on a senior construction loan and wewere even able to fund a little bit of capital at close for the project to getstarted, so it ends up being a pretty accretive alternative compared to justtaking a low-leverage bank loan,” Schlosser told CO.
“It acts like an insurance product where it’s a construction-to-perm deal, but it doesn’t have the traditional rights and remedies and recourse that may come along with traditional long-term financing,” Schlosser added. “Here it’s just a straight annual payment, which is easier to navigate for the borrower.”
Located at 2100 N.Federal Highway, the 21 Hollywood project broke ground late last year and is slated for completion in February 2027. Community amenities will include an infinity pool, a fitness center, outdoor kitchens, co working space and a dog park. The property will also feature 9,997 square feet of ground-floor retail.
Fort Lauderdale-based Starlife purchased the 1.48-acre site across from South Broward High School for $6.5 million in 2023, according to the South Florida Business Journal. The development was designed by Kobi Karp Architecture.
“Conventional construction loans are hard to find these days,” Shane said. “There was significant equity brought into the project, so it made the deal easy to do with PACE.”
Officials at Starlife Group did not immediately return a request for comment.
一波到期债务为总部位于亚特兰大的Peachtree集团的业务带来了福音。桃树集团通过其Peachtree集团信贷部门已部署了5.56亿美元的贷款和另外5.26亿美元的贷款，用于收购五家酒店并开发另外三个项目。最近的交易包括为位于阿拉巴马州亨茨维尔的一家拥有215间客房的Autograph Collection酒店提供4,800万美元的建筑贷款，为田纳西州纳什维尔拥有133间客房的Motif on Music Row酒店再融资的4,220万美元首笔抵押贷款，以及用于收购肯尼索科布购物中心市中心的4200万美元抵押贷款。