Italian developers score $60M construction loan for Hollywood apartments
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.
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