Calta Group acquired a development site in Hollywood and obtained a $53.69 million construction loan for apartments there. Forman Capital provided the construction mortgage for both properties. George Gnad, Mathew Gnad, and Helmut Fischer of Lenders Capital Realty Services brokered the loan.
Growtopia Group sold the two properties making up 3.25 acres on Van Buren and Jackson Streets.
The Van Buren site, to be called Caltopia Hollywood, was approved for 151 apartments and 175 parking spaces in four stories, totaling 153,080 square feet. Amenities would include a second-floor pool deck, a gym, a social room and a roof deck.
The Jackson Street project, Caltopia Hollywood II, was approved for 100 apartments and 113 parking spaces in four stories, totaling 86,135 square feet. An interior courtyard with a pool and a fitness room would also be included. Kaller Architecture designed both buildings.
Calta Group said it will start construction of the smaller building in May and then break ground on the larger building in August.
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