S3 Capital loan revives construction at Tula Residences
Tula Residences, a luxury condominium development in South Florida being led by Bayshore Grove Capital, has landed a $67 million construction loan from S3 Capital, allowing work on the long-paused project to move forward.
The financing will be used to restart construction on the 54-unit condominium, which initially broke ground in 2023 under the direction of Malaysian developer Pacific & Orient Properties. Bayshore Grove Capital, headed by Vivian Dimond, assumed control of the development entity earlier this year, according to previous reporting by The Real Deal. Dimond brings more than 37 years of industry experience to the project.
“North Bay Village is a market we are very familiar with, and the underlying fundamentals remain strong,” said Steven Jemal, managing director of originations at S3 Capital, in a statement.
The 21-story condominium is located at 7918 West Drive in North Bay Village, positioned in Biscayne Bay between Miami and Miami Beach. With construction resuming, the project is now aiming for completion in 2026.
S3 Capital has been an active lender in South Florida’s condominium market, providing financing for several projects currently under development, including Continuum Co.’s 57-unit La Baia North, Regency Development Group’s 33-unit La Mare and VDA Development’s 27-unit Origin Bay Harbor.
“We remain focused on financing well-located, high-quality developments backed by experienced sponsors,” said Robert Schwartz, managing principal at S3 Capital. “Tula Residences aligns well with our portfolio, benefiting from strong local leadership and a Miami submarket attracting significant public and private investment.”
Plans for Tula Residences include a mix of two- and three-bedroom homes, along with six penthouses averaging nearly 4,000 square feet each. Planned amenities feature a waterfront swimming pool, wellness facilities, private dining areas and a bayfront resident lounge.
Construction activity is already in progress, with A&R Development serving as the project’s general contractor. Concrete work has been completed up to the 15th floor.
For the record
Sales at Tula Residences are being handled by Brown Harris Stevens Miami.
Source: Original reporting by Joshua S. Andino, CoStar News.
