The Calta Group receives construction loans for Hollywood Rentals
Real Property News
April 18, 2023
The Calta Group received a $60 million home loan for a Hollywood housing project that represents the company’s first multi-family development. According to a company press release, Calta, led by Italian brothers Ignazio and Gaetano Caltagirone, and Miami-based Gilu Development will construct the eight-story Revv Hollywood project at 2233 Hollywood Boulevard. The 180-unit building will offer studios and units, as well as one- and two-bedroom apartments. The financing package consists of a senior loan from Miami-based BridgeInvest and mezzanine loans from an undisclosed lender. David Larson and Keegan Burger of Concord Summit Capital represented Calta. According to the announcement, construction should start in the summer. Completion is scheduled for the end of next year. Also read: Related Group Receives $56M in Loans to Build FATVillage Rentals According to records, Calta paid $9.5 million for the 4-acre development last year. The Caltagirones founded Calta, based in Coral Gables, in 2010 and have been involved in real estate before that. The brothers grew up in a real estate dynasty in Italy and left the family business to venture into the South Florida real estate market during the Great Recession. They’ve renovated and flipped homes in places like Hollywood and Hallandale Beach. According to the press release, Calta has $250 million in real estate investments in South Florida. Hollywood has been attracting the attention of developers in recent years. BTI Partners is planning two 35-story towers with 856 apartments, 142,000 square feet of retail, 40,000 square feet of offices and approximately 1,600 parking spaces at 1701-1735 East Young Circle in downtown Hollywood. Dubbed Block 57, the project received city commission approval in October. Also in October, AMAC and ROVR Development secured $41 million in residential financing for the eight-story, 180-unit multifamily development Griffin 441 at 4465 Griffin Road in Hollywood. In addition to the Diplomat Beach Resort, Related Group and BH Group plan to build a 38-story, 350-unit condominium and a 43-story, 500-unit condo-hotel. Last month, developers filed an application with the City of Hollywood for the project at 3210-3690 South Ocean Drive.