Shahab Karmely lands $103M loan for 2000 Ocean in Hallandale Beach

Apollo REIT is the lender for the 64-unit beachfront project

Miami /
Dec.December 21, 2018 05:30 PM

Rendering of 2000 Ocean (Credit: iStock)

UPDATED, Dec. 21, 6:30 p.m.: Shahab Karmely’s KAR Properties just secured a $103 million construction loan for 2000 Ocean, a luxury condo tower in Hallandale Beach.

Apollo Commercial Real Estate Finance, a New York-based real estate investment trust, is providing the financing for the 38-story, 64-unit beachfront project at 2000 South Ocean Drive. It’s the only loan that the developer will use, Karmely said.

KAR Properties launched sales in October 2017 and hired Fortune International Group to take over sales and marketing in August. Prices range from about $2.6 million to $4.4 million for typical units, and between $8 million and $12 million for penthouses.

The development broke ground in November.

Fifty-eight of the condos will be half-floor, 3,000-square-foot units, and there will be five, full-floor penthouses that each span about 6,000 square feet. A penthouse duplex with its own pool will hit the market at a later date, Karmely said.

2000 Ocean is being designed by Enrique Norten of Ten Arquitectos with packages from Italian design firm Minotti. Kobi Karp is handling concept design. Amenities at the building will include two swimming pools, a spa and Hammam room, a yoga room and an oceanfront library.

Karmely declined to say how many units have presold, but said he is “happy with our sales.” Buyers hail from Canada, the Northeast and Central America.

Property records show the developer paid about $34 million for the beachfront site in 2014.

In Miami, Karmely owns land along the Miami River, where he’s planning One River Point, a 60-story luxury condo project designed by Rafael Viñoly. His firm also owns land in Wynwood. Daniel Loeb, the billionaire investor who runs Third Point LLC, an activist hedge fund, is a silent partner of Karmely, The Real Deal previously reported.

Correction: An earlier version of this story incorrectly stated 2000 Ocean’s number of floors.  


Related Articles

arrow_forward_ios
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Eden Multifamily heads Jay Massirman and Jay Jacobson with Cypress Equity Investments CEO Michael Sorochinsky (rendering courtesy of MSA Architects)
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
(iStock)
Home prices across globe hit records, prompting worries of bubble
Home prices across globe hit records, prompting worries of bubble
Steven and Beth Millner with One Thousand Ocean (Patrick McMullan/Getty, Google Maps)
Private equity honcho pays $5M for Boca Raton condo
Private equity honcho pays $5M for Boca Raton condo
Blink’s Michael Farkas and Lionstone’s Diego Lowenstein with 605 Lincoln Road (Google Maps)
Blink buys office condo on Miami Beach’s Lincoln Road for new HQ
Blink buys office condo on Miami Beach’s Lincoln Road for new HQ
From left: Jim Cohen, Nancy Corey, Nathan Zeder, Alicia Cervera Lamadrid, Phil Gutman and Mike Pappas (iStock)
South Florida’s pandemic-fueled residential market poised for bull run in 2021
South Florida’s pandemic-fueled residential market poised for bull run in 2021
Kathleen DuRoss Ford and 300 North Lake Way (Getty, Google Maps)
Kate Ford’s Palm Beach estate sells for $55M
Kate Ford’s Palm Beach estate sells for $55M
Oprah Winfrey and (inset) Lawrence Stroll over the unit (Getty)
You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...