Developer Vivian Dimond has secured a $67 million construction loan for Tula Residences, a condominium project in North Bay Village that had previously stalled. The financing is being provided by S3 Capital for the planned 21-story building with 54 units at 7918 West Drive, according to a news release.
S3 Capital, led by Robert Schwartz and Joshua Crane, has also been active elsewhere in South Florida. In May, it issued a $112 million construction loan for the east tower of developer Giuseppe Iadisernia’s Oasis Hallandale condo development.
Dimond’s company, Bayshore Grove Capital, took control of the LLC owning Tula Residences last year from Pacific & Orient Properties after more than twelve liens were filed against the project. Despite this change in control, Pacific & Orient — headed by CEO Thye Seng Chan — remains a partner in the venture.
Pacific & Orient originally purchased the site for $8.3 million in 2015 and received initial approvals three years later. Construction began in 2023 but halted that December.
Earlier this year, Dimond restarted sales efforts for Tula Residences with Brown Harris Stevens leading marketing. The development will offer two- and three-bedroom units as well as six penthouses averaging 4,000 square feet each. Planned amenities include a pool, fitness center, media room, pet spa and private dining room. Prices are set between $2 million and $6 million.
Tula Residences joins several other planned condominium projects in North Bay Village. Related Group and Macklowe Properties have announced plans for a Ritz-Carlton-branded development featuring 364 condos, a public park covering 9,000 square feet and a private marina with 42 slips at addresses including 8000 East Drive and 7946 East Drive. In August, Shoma Group led by Masoud and Stephanie Shojaee obtained nearly $30 million in construction financing for their Shoma Bay project — which will comprise 24 stories and house 333 units.
