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

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


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