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Block 40 secures $70 million construction loan

       BLOCK 40

 

A mixed-use development in Hollywood is getting closer to completion.

Block 40 in downtown Hollywood received a $70 million construction loan from Trez Capital.

Block 40 has also received funding from other local sources, including $35 million from Hollywood-based GCF Development, the developer of the 25-story Hollywood Circle. The project also raised $35 million from EB-5 investors through Gold Coast Florida Regional Center, a Hollywood-based USCIS EB-5 Regional Center.

“It’s amazing to watch the development take shape and we’re excited to secure the financial backing to ensure timely completion,” said Charles “Chip” Abele, Block 40 developer and founding partner of GCF Development and Gold Coast Florida Regional Center.

Located on Hollywood Boulevard and Young Circle (the site of the former Great Southern Hotel), Block 40 will stand at 19 stories and feature 273 residential units, split into two components: one with 103 “fully furnished studio and one-bedroom apartments for short- and medium-term stays” and one with 170 luxury rentals, including two penthouses. Designed by Adache Group Architects, the project also includes 22,000 square feet of retail, restaurant and office space.

Besides the amenities, residents and visitors to Block 40 will enjoy the best of Hollywood as it’s minutes from Hollywood Beach Broadwalk, ArtsPark at Young Circle and shops and restaurants.

“There continues to be tremendous demand for luxury apartments throughout South Florida, especially in Downtown Hollywood,” Abele said. “We’re proud to be an integral part of the area’s remarkable revitalization.”

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