Italian developers score $60M construction loan for Hollywood apartments
Brothers Ignazio and Gaetano Caltagirone’s The Calta Group plans 180-unit building
The Calta Group scored a $60 million construction loan for a Hollywood apartment project, marking the firm’s first multifamily development.
Calta, led by Italian brothers Ignazio and Gaetano Caltagirone, and Miami-based Gilu Development, will build the eight-story Revv Hollywood project at 2233 Hollywood Boulevard, according to a company news release. The 180-unit building will offer studios and live-work units, as well as one- and two-bedroom apartments.
The financing package consists of a senior loan from Miami-based BridgeInvest and mezzanine debt from an undisclosed lender.
David Larson and Keegan Burger of Concord Summit Capital represented Calta.
Construction is expected to start this summer, according to the release. Completion is slated for late next year.
Calta paid $9.5 million for the 1.6-acre development site last year, records show.
The Caltagirones founded Coral Gables-based Calta in 2010, and were immersed in real estate even before that. The brothers grew up in a real estate dynasty in Italy, and left the family business to bet on South Florida’s housing market during the Great Recession. They renovated and flipped houses, including in Hollywood and Hallandale Beach.
Calta has $250 million in real estate investments in South Florida, according to the release.
Hollywood has caught developers’ eyes in recent years. BTI Partners plans a pair of 35-story towers with 856 apartments, 142,000 square feet of retail, 40,000 square feet of offices and roughly 1,600 parking spaces at 1701-1735 East Young Circle in downtown Hollywood. Dubbed Block 57, the project scored approval from the city commission in October.
Also in October, AMAC and ROVR Development scored $41 million in construction financing for the eight-story, 180-unit Griffin 441 multifamily project at 4465 Griffin Road in Hollywood.
Next to the Diplomat Beach Resort, Related Group and BH Group want to build a 38-story condominium with 350 units, and a 43-story condo-hotel with 500 units. Last month, the developers submitted an application to the city of Hollywood for the project at 3210 – 3690 South Ocean Drive.