Calta Group has secured a $53.69 million loan to finance a new midrise apartment community in Hollywood, Fla. The borrower is planning to build 251 units over two phases starting later this year. The loan helps pay for development-related costs and construction.
Forman Capital provided the construction mortgage in the transaction.
The project, Caltopia, boasts a mix of studios and one- and two-bedroom units thoughtfully laid out across two four-story buildings.
Located at 2217–2239 Jackson St., Caltopia’s first phase (Caltopia II) includes 100 units with an average size of 751 square feet. Average rents are expected to be approximately $2,465 per month. Caltopia’s second phase (Caltopia I), located at 2718–2750 Van Buren St., comprises 151 units with an average size of 740 square feet and an expected average rent of $2,590 per month. Both sites are a few blocks west of downtown Hollywood and about a mile east of Interstate 95.
Phase one constructi
