MIAMI, FL (April 18th, 2023) - Concord Summit Capital, LLC (“Concord Summit”) arranged a $50 million construction loan and $10 million of preferred equity for a multifamily development in Hollywood, Florida. David Larson, Keegan Burger, and Daniel Rojo of Concord Summit’s Miami office served as advisors and sourced the financing.
The funds will be used for the construction of a 180-unit apartment development located in the core of Hollywood’s entertainment district – within proximity to Hollywood Beach, I-95, and numerous education, employment, and shopping centers. Developed by The Calta Group, in partnership with Gilu Holdings and Development, the 7-story project will be built to Class A standards. The project is expected to be delivered in Q1 2025.
The Calta Group has built and managed over 1 million square feet of commercial real estate and has over 45 years of development experience. Gilu Holdings and Development has built over 1 million square feet of commercial real estate and has yielded over $259 million in total project value.
“The location and strength of sponsorship, in combination with the increasing demand for South Florida multifamily, allowed the borrower to maximize pricing and terms for the project. The team at Calta and Gilu were a pleasure to work with and we are look forward to many more projects with them in the future,” said Larson.
