Coral Gables Developer Lands $60M to Build Apartments in Hollywood
April 18, 2023
The Calta Group secured $60 million in financing to construct an apartment building in Hollywood, Fla., property records show. The seven-story development will feature 180 rental units at 2215 Hollywood Boulevard, half a mile west of 10-acre Young Circle Park, which serves as an anchor point for the city. The financing includes a $50 million construction loan from Miami-based Bridge Invest and $10 million in preferred equity. Concord Summit Capital — whose David Larson, Keegan Burger and Daniel Rojo arranged the financing — declined to say who would be taking the equity. The project, which includes Miami-based Gilu Development as a partner, is expected to be delivered in the first quarter of 2025. Coral Gables-based Calta Group acquired the 1.6-acre site last year, which now houses a one-story retail building, for $9.5 million, according to property records. Hollywood, a town between Miami and Fort Lauderdale, is experiencing a rush of activity as land prices in South Florida’s major cities skyrocketed over the past three years. BTI Partners and Bridge Investment Group secured an $83 million construction loan last year for a rental project near Young Circle Park, on the site of the former Bread Building, part of a $500 million mixed-use development Along the beach, Trinity Investments and Credit Suisse Asset Management paid $835 million for the Diplomat Beach Resort earlier this year, making it the largest hospitality acquisition since the pandemic. Since 2021, Chetrit Group has been buying units at the aging Hollywood Beach Resort condo. The New York-based developer likely plans to demolish the building to construct luxury condos.