Charlotte Casiraghi and Gad Elmaleh
Pascal Le Segretain/Getty
12/18/2013 AT 08:00 AM EST
Monaco has a new little royal.
has given birth to her own little prince
, named Raphael, says the palace in the principality.
Casiraghi, 27, and her boyfriend, actor-comedian Gad Elmaleh
, 42, released a statement that Raphael was born in Monaco Tuesday. Sources tell PEOPLE the birth was around 9 p.m.
In a surprise "tickle," as one source put it, the palace communiquéé added that "grandmothers are doing well."
The baby is the second great-grandson of the late Princess Grace
and the second grandson of Princess Caroline
– after Andrea Casiraghi
's son .
A Monaco palace source explains that the line about the grandmas was a "little joke from the parents." In case anyone is wondering, mother and baby are doing well, too.
"Everyone is very happy here. It is good news," the source tells PEOPLE.
It is the first child for equestrian and Gucci model Casiraghi and a second for Elmaleh, who is father to son Noé. The couple met via mutual friends two years ago.
Princess Caroline "gets my jokes," Elmaleh told PEOPLE
earlier this year.
Clearly thrilled about the impending birth, he added: "There's lots of joy and excitement. I'm at a certain point in my life where building a family is very important."