Starlife Group launched an EB-5 investor program that will help fund construction of a planned luxury Hollywood rental development.
Aventura-based Starlife, led by CEO Gevorg Shahbazyan, is seeking EB-5 investors for 21 Hollywood, a 14-story, 200-unit building that will include about 10,000 square feet of ground-floor retail space at 2100 North Federal Highway. A Starlife affiliate paid $6.5 million for the 1.5-acre development site in 2023.
Shahbazyan said his fund is seeking 25 investors who can invest a minimum of $800,000 each, for a total of $20 million. The federal visa program provides permanent U.S. residency to foreigners and their immediate family members who invest in businesses, including real estate developments, that create at least 10 full-time American jobs.
“Assume that the construction loan today is averaging about 8 to 10.5 percent interest,” Shahbazyan said. “EB-5 offers much lower interest rates, of 5 to 7 percent, or sometimes lower. It’s a great tool for the investors to become U.S. residents. The only downside is it’s a bit slow.”
He expects investors from Asia and Latin America, where EB-5 is most popular. (The Trump administration is working on a gold card program that will provide citizenship to foreigners who pay about $5 million.)
Starlife’s construction affiliate is building the Hollywood project, and work began earlier this year, records show. It’s expected to be completed by early 2027. Kobi Karp designed the project.
The developer secured site plan approval in late 2023. Units will range from 489-square-foot studios to 1,250-square-foot, three-bedroom apartments. Shahbazyan said apartments made the most sense for the site after completing a market analysis.
“We believe the rental market is the strongest, highest and best use for this area, especially luxury because there’s not a lot,” he said.
Starlife has multifamily, mixed-use, hotel and single-family and townhouse developments, mostly in Broward County. Hollywood 21 marks its first in Hollywood and its first EB-5-funded project, Shahbazyan said.
Earlier this year, developer Louis Birdman and his partners advanced plans to build 618 apartments in Hollywood, as part of a mixed-use development on a city-owned brownfield property just west of I-95.
Calta Group, led by brothers Gaetano and Ignazio Caltagirone, are building a pair of apartment projects in Hollywood totaling 251 rentals. In February, they secured a $53.7 million construction loan for Caltopia Hollywood at 2750 Van Buren Street and Caltopia Hollywood II at 2217-2239 Jackson Street.
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