The Real Deal Miami

Bulk buyers purchase 150 units at Singer Island’s 2700 North Ocean condo

June 08, 2010 10:30AM

2700 North Ocean

Bulk buyers, including Flagler Group and an undisclosed New York hedge
fund, have purchased 150 unsold units at Singer Island’s 2700 North
Ocean condo from builder Dan Catalfumo. According to those familiar
with the project, the sale frees Catalfumo from all debt on the condo.
Catalfumo borrowed $190 million from Fifth Third Bank of Cincinnati to
build the two towers, Palm Beach County records show. Sources say the
new buyers will assume the remaining $80 million on the loan. The
complex is a condominium hotel, with 27 hotel suites out of the 242 total
units. [Miami Herald]