Favo buys 277-unit apartment tower in Hollywood for $190M

Private credit firm Favo Capital bought a 277-unit apartment tower facing Young Circle in Hollywood for $190 million.  The deal marks one of the priciest multifamily investment sales so far this year in South Florida.  Lauderhill-based Favo bought the 22-story 1818 Park apartment building with ground-floor retail at 1818 Hollywood Boulevard in an all-stock and assumption of liabilities deal, according to a Favo news release. Seller GCF Development, a Hollywood-based firm led by Charles “Chip” Abele, obtained a long-term equity stake in Favo as part of the deal.  GCF completed 1818 Park in 2022 after yearslong delays due to litigation, […]This article originally appeared on The Real Deal. Click here to read the full story.