Chip Abele is the developer of Hollywood Circle and founding partner of Gold Coast Florida Regional Center. Photo courtesy of Domino Arts Photography.
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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Lidia Dinkova
Lidia Dinkova covers South Florida real estate for the Daily Business Review. Contact her at [email protected] or 305-347-6665. On Twitter @LidiaDinkova.
