Forman Capital Funds $53.69M for New Hollywood Florida Apartment

Forman Capital recently provided $53.69 million in financing for a new apartment development project in Hollywood, Florida called Caltopia. The loan will cover various development costs and construction expenses for this upcoming venture. The construction plan for Caltopia involves two four-story buildings that will house a mix of studio, one-bedroom, and two-bedroom units.

Phase one of the construction is scheduled to commence in the fourth quarter of 2025 and is anticipated to be completed within 18 months. Forman Capital, recognized as a leading private direct real estate lender, played a pivotal role in facilitating this financing deal for the Caltopia project. The borrower, Calta Group based in Coral Gables, is set to construct a total of 251 units divided into two separate phases.

Caltopia II, the first phase, will consist of 100 units with an average size of 751 square feet. The average rent for these units is projected to be around $2,465 per month. On the other hand, Caltopia I, the second phase, will encompass 151 units with an average size of 740 square feet and an expected rent of $2,590 per month. Both phases will be situated just a few blocks away from Downtown Hollywood and approximately one mile away from I-95.

Numerous community amenities are planned for Caltopia, including a pool, BBQ area, fitness center, yoga room, dog spa, lounge and kitchen area, EV chargers, co-working space, and 24-hour package storage and pickup services. Brett Forman, the Managing Partner at Forman Capital, expressed optimism about the construction boom in Hollywood, stating that Caltopia will contribute quality housing options with top-tier amenities at reasonable rental rates for many families. He emphasized the project’s accessibility to major highways, downtown areas, schools, and parks.

Scott Mehlman, Partner and Chief Investment Officer at Forman Capital, highlighted the appeal of new suburban constructions that provide better value for residents compared to expensive downtown units in Miami and Fort Lauderdale. Ben Jacobson, Principal at Forman Capital, commended Calta Group for their expertise and track record in luxury real estate development across South Florida.

In conclusion, Caltopia marks Forman Capital’s first transaction in 2025, following a successful year in 2024 where the firm closed over $358 million in commercial real estate loans in the Southeast US. With a focus on providing private real estate debt and equity financing for transactions ranging from $5 million to $100 million, Forman Capital continues its commitment to supporting various real estate projects across different asset classes and locations.