Developer Shahab Karmely closed on a $128 million condo inventory loan for an oceanfront development in Hallandale Beach, replacing the project’s $103 million construction loan, The Real Deal has learned.
Karmely’s KAR Properties secured the loan from Madison Realty Capital. It pays off debt that Apollo Commercial Real Estate issued in 2018.
The 38-story, 64-unit building, called 2000 Ocean, was completed in December. Developers typically use condo inventory loans to help cover carrying costs of unsold units, as well as to pay off construction loans.
A spokesperson for the development declined to disclose sales figures for 2000 Ocean. Closings are set to begin Jan. 14, the spokesperson said.