JV Secures $60 Million for South Florida Apartments
Concord Summit Capital procured the loan on behalf of the developers.
Hollywood Entertainment Center. Image courtesy of Concord Summit Capital
A joint venture between The Calta Group, a Miami-based luxury apartment developer, and Gilu Holdings has secured $60 million in construction financing for the development of Hollywood Entertainment Center.
The seven-story, 180-unit luxury apartment community will be located at 2215-2233 Hollywood Blvd. in Hollywood, Fla. The property will total 192,408 square feet. Concord Summit Capital procured the loan on behalf of the development partners, which includes $50 million in construction financing, alongside side an additional $10 million in preferred equity. The community is expected to open in the first quarter of 2025.
Flexible options
The Calta Group acquired the 1.6-acre site for the construction of Hollywood Entertainment Center for $9.5 million in April of 2022 from Hollywood Construction & Development LLC, according to reporting from Miami Condo Investments. The building is being designed by Borges+ Associates. Concord Summit Capital Directors David Larson and Keenan Burger, as well as Senior Analyst Daniel Rojo, sourced the loan and served as advisors for the transaction.
READ ALSO: Call for Submissions: 2023 Top Property Management Firms
After its completion, Hollywood Entertainment Center will offer studio, live-work, one and two-bedroom living arrangements averaging 908 square feet. Residents will have access to an elevated pool deck, business center and 9,600 square feet of ground floor retail space. The community will be near many of the area’s retail, dining and entertainment options.
Surging South Florida
At the end of 2022, South Florida’s multifamily fundamentals measured with some of the best in the nation, with the region recording transaction volumes of nearly $9 billion, totaling. There are 44,780 units under development in the region, according to data from a fourth quarter 2022 report from Cushman & Wakefield. The growing numbers are a result of large-scale migration to the state, partly due to the increasing prevalence of hybrid work.
Recent projects in the Sunshine State include Neology Life Development Group’s topping off of The Julia, a 323-unit luxury apartment tower in Miami, and Housing Trust Group and Mount Hermon African Methodist Episcopal Church’s Mount Hermon Apartments, a 104-unit senior housing development.
