Forman Capital, a leading private direct real estate lender, provided a $53.69 million loan to finance a new mid-rise apartment community Caltopia in Hollywood, Florida. The borrower, Coral Gables-based Calta Group, is planning to build 251 units over two phases starting later this year.
Scott Mehlman and Ty Regnier represented Forman Capital in the transaction.
Located at 2217-2239 Jackson Street, Caltopia’s first phase (Caltopia II) includes 100 units with an average size of 751 square feet. Average rents are expected to be approximately $2,465 per month. Caltopia’s second phase, (Caltopia I) located at 2718-2750 Van Buren Street, comprises 151 units with an average size of 740 square feet and an expected average rent of $2,590 per month. Both sites are a few blocks west of Downtown Hollywood and about a mile east of I-95.
Community amenities include a pool, BBQ area, fitness center and yoga room, dog spa, lounge and kitchen area, EV chargers, co-working space, and 24-hour package storage and pickup.
“Hollywood is experiencing a building boom, with several new residential and mixed-use projects taking shape right now,” said Brett Forman, Forman Capital’s Managing Partner. “Caltopia will be a nice addition by providing quality housing with first-class amenities yet reasonably priced rents within reach of many working families. Residents will have easy access to I-95, downtown’s restaurants and nightlife, schools, and local parks.”
“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,” said Scott Mehlman, Forman Capital Partner/Chief Investment Officer. “They can get better value for new construction in the suburbs and still have access to great public amenities.”
“This is our first transaction with Calta Group, which has an unparalleled track record of developing and building luxury real estate throughout South Florida, including another rental project currently under construction in Hollywood,” said Ben Jacobson, Forman Capital Principal. “Calta’s team was a pleasure to work with, and I look forward to more deals in the future.”
Caltopiare presents Forman Capital’s first closing in 2025. Last year, the boutique private lender closed over $358 million in commercial real estate loans throughout the Southeast US.
Palm Beach-based Forman Capital is a provider of private commercial real estate debt and equity financing for transactions ranging from $5 million to $100 million. The firm focuses on short-term construction financing, mezzanine debt, and preferred equity across various real estate asset classes and geographies. Company principals Brett Forman and Ben Jacobson have closed more than $3 billion in commercial real estate transactions since 2004.
