One of downtown Hollywood’s splashiest mixed-use projects is suddenly on the financial ropes. The Circ, a tower at 1740–1776 Polk Street that combines a 111-key hotel, 386 residences, a 48,000-square-foot Publix and a rooftop Olivia restaurant, is now the focus of a foreclosure lawsuit seeking $121.4 million.
The complaint was filed on April 30 by ARCPE 15 LLC, an affiliate of Miami Beach-based Arc Asset Management, and aims to foreclose on the loan that backs the entire project, according to South Florida Business Journal. The suit names HC Real Property LLC, Circ Hotel LLC and Circ Residences LLC as defendants, and lists guarantors including developer Chip Abele, along with Peter Jago, Daniel McCarthy and Harish Mehta.
The Real Deal reports that Deutsche Bank provided a $133.4 million refinance in early 2024, when the developers shifted the residential portion of the building from rentals to condos. According to that coverage, the borrower then missed payments in June 2025 and failed to repay the loan when it hit maturity in February 2026. An affiliate of Arc Asset Management acquired the loan in December.
What the Lawsuit Seeks
Per the South Florida Business Journal, the complaint pegs the claimed amount at about $121.4 million and asks the court to foreclose on the loan collateral as a whole, rather than going after each individual condo unit. In the filing, the missed June 2025 payment and the unpaid February 2026 maturity are laid out as the immediate triggers that pushed the lender to court…