Calta Group Lands $54M to Build Multifamily Complex in Hollywood, Fla.

Calta Group secured a $53.7 million construction loan from Forman Capital for a two-building multifamily complex in Hollywood, Fla.

Called Caltopia, the project will include 251 units. Two four-story buildings will be separated by two blocks, both just south of the city’s municipal offices at 2600 Hollywood Boulevard. 

Construction will start in May on the smaller, 100-unit building at 2217 Jackson Street. Four months later, construction will begin on the second, 150-unit building at 2750 Van Buren Street. 

In tandem with securing the debt, Calta Group closed on its land purchase, which totals 3.2 acres, for a combined $4.3 million.

“The cost to rent a nice apartment in the core downtown areas of Miami and Fort Lauderdale is still prohibitive for many people, even as rental rates have slowed a bit,” Scott Mehlman, Forman Capital’s chief investment officer, said in a statement. “They can get better value for new construction in the suburbs and still have access to great public amenities.”

The Coral Gables-based developer built another rental building in Hollywood: a seven-story, 180-unit development near the Young Circle Park after securing a $60 million construction loan in 2023. 

Just last week, Starlife Group secured $35 million to build a 200-unit apartment development, also in Hollywood.

Julia Echikson can be reached at jechikson@commercialobserver.com.