Chip Abele is the developer of Hollywood Circle and founding partner of Gold Coast Florida Regional Center. Photo courtesy of Domino Arts Photography.
More than half of the loan will be used as working capital by the development team.
July 02, 2019 at 02:24 PM
1 minute read
South Florida real estate reporter
The year-old Hollywood Circle apartment-hotel tower received $125 million in fresh financing. After the construction loan has been paid off, the financing leaves the development team with $65 million of working capital.
Developers, led by Charles Abele Jr., closed on the loan June 18. He didn’t elaborate on how he and his development partners will use the working capital, only allowing that new investments could be one of the options.
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