Charles “Chip” Abele sold a Hollywood mixed-use project for $65.6 million to a related entity, linked to an $84 million refinancing.
An entity managed by the Hollywood-based developer bought 1818 Park at 1818 Hollywood Boulevard from another Abele-related affiliate, records show. The new ownership entity obtained an $84 million mortgage from Deutsche Bank, and used part of the proceeds to pay off a previous $70 million construction loan provided by Trez Capital last year.
It is unclear why Abele sold the property to an affiliate as part of the refinancing. He did not immediately respond to a request for comment.
Abele bought the development site for $3.5 million in 2009, records show. Last year, the developer completed the 22-story, mixed-use 1818 Park tower with 273 apartments and ground-floor retail. Amenities include two pool decks, two fitness centers, a yoga studio, coworking space and a gallery cafe.
Prior to breaking ground in 2019, the project faced numerous delays due to lawsuits, the Great Recession and permitting issues. The property is the former site of the Great Southern Hotel, a longtime Hollywood landmark that city founder Joseph W. Young built in 1924. It closed in 1991.
Abele, a founding partner of the Gold Coast Florida Regional Center, also developed Hollywood Circle, a mixed-use project funded in part with Chinese EB-5 money. The development includes a 25-story, 389-unit Circ Residences tower; a 111-key Circ Hotel; a five-story, 941-space parking garage; a 47,000-square-foot Publix; and additional retail space.
Hollywood is in the midst of a real estate development boom. In April, Coral Gables-based Calta Group closed a $9.5 million purchase of a 1.6-acre property where the firm plans to build an eight-story multifamily project with 180 apartments. Calta plans to break ground in the fourth quarter.
The same month, the Grosman family won renewed city approval to add another 84 units to the Nautilus Apartments, a two-building rental complex with 193 units in Hollywood. A Grosman family entity paid $6.1 million for the property in 1993, records show.
In March, Indianapolis-based MHG Hotels unveiled plans to replace two single-story office buildings with a $30 million Marriott-branded hotel in downtown Hollywood.