A plan by The Calta Group calls for a 251-unit multifamily project across two sites in Hollywood, Florida. — Renderings courtesy: Lenders Capital Realty Services
By Joshua Burd
A developer has closed on a $54 million construction loan for a planned 251-unit multifamily project in South Florida, in a deal arranged by Lenders Capital Realty Services.
According to the commercial real estate advisory firm, the funds will support ground-up development at two sites that are four blocks apart in Hollywood. They include a 151-unit project at 2750 Van Buren St. and 100 units at 2217 Jackson St., which will be built by The Calta Group.
Lenders-Cap Founder and President George Gnad and Helmut Fischer, his partner, announced the deal recently. They did so while touting it as a significant achievement for their partner, Matthew Gnad, who leads the firm’s Miami office, and noting that their client is also raising equity for the project.
“Lenders-Cap is currently seeking $20 million in LP equity to complete the capital stack,” the team wrote in its announcement. “A key differentiator for the firm is its ability to raise capital from European investors, leveraging Helmut Fischer’s extensive network and 30-plus years of experience from his base in Warsaw, Poland.”
