KAR Properties Locks Down $128 Million Condo Inventory Loan For 2000 Ocean In Hallandale Beach

KAR Properties, led by Shahab Karmely, have closed on a $128 million condo inventory loan for the recently completed 2000 Ocean in Hallandale Beach. Madison Capital Realty provided the loan which will be used to pay off a $103 million construction loan issued by Apollo Commercial Real Estate Finance in 2018. 2000 Ocean was completed in December 2021 and closings are set to begin January 14, 2022.

KAR Properties first launched sales for the project in October 2017 with Douglas Elliman Development Marketing before partnering with Edgardo Defortuna’s Fortune International Group to take over sales and marketing in August 2018. The project officially broke ground in November 2018 with Suffolk Construction as the contractor.

2000 Ocean rises 38 stories, providing spectacular views of the Atlantic Ocean and Intracoastal Waterway. The boutique condo tower, which is designed by Enrique Norten of TEN Arquitectos with concept design by Kobi Karp Architecture & Interior Design, landscape architecture by Sasaki and interior design by Minotti.

The project features 64 residences, the smallest being a 2,913 SF half floor 3 bedroom and ranging up to 5,832 SF full floor 5 bedroom penthouse residences. 2000 Ocean also features a duplex sky vill which comes complete with a private pool deck. Residences are designed by Minotti and feature expansive flow through floor plans, 10' ceilings, private elevator landings, floor-to-ceiling windows, custom kitchens by Minotti Cucine, Monterrey Marble flooring throughout including terraces, custom stone master bath with Agape floating bathtubs.

Services and amenities include two swimming pools with expansive sunrise and sunset views, direct beach access with private beach, private arial and valet entrance, 24-hour valet and concierge, an oceanfront library with garden views, an oceanside lounge and juice bar, an indoor theater, entertainment room, fitness center and a freestanding spa pavilion complete with treatment rooms, Hammam (steam bath), ice room and yoga room. The lushly landscaped grounds feature curated gardens by Landscape Architect Sasaki Associates. The original design concept architect for the project was Kobi Karp.

Prices at 2000 Ocean ranged from $2.6 million to $4.4 million and penthouses ranged from $8 million to $12 million. Remaining developer units start at $3.1 million and range up to more than $10 million for penthouse residences.

For more information about 2000 Ocean, private showings or purchasing/ leasing information please fill out the form below:

The Developers of One Thousand Museum by Zaha Hadid Architects Pay Off $90 Million Inventory Loan Following Miami Art Week Sales

The developers of One Thousand Museum by Zaha Hadid Architects have paid off a $90 million inventory loan following a successful Miami Art Week 2021 which saw two units sell for a combined $30 million. A local buyer from Miami purchased a full-floor unit and a foreign buyer purchased a sky townhouse unit. One Thousand Museum is now 90% sold after 76 of the developer units have now been sold. Three furnished developer units remain.

The condo inventory financing was secured March 2021 from Cirrus Real Estate Partners after a Reuben Brothers-led venture, who had bought out the remainder of Fortress Investment Group’s stake in the debt behind the development, had filed a foreclosure lawsuit against the developers. Fortress Investment Group had initially provided a $225 million construction loan in 2016, half of which was later acquired by the Reuben Brothers-led venture, before a portion was paid back by the developers and the property was refinanced by Cirrus Real Estate Partners.

“Satisfying our $90 million loan in eight months comes during a buying frenzy and Miami’s high season, which we expect to take One Thousand Museum to sellout quickly,” said Louis Birdman, co-developer of One Thousand Museum. “Alongside Cirrus Real Estate Partners and our long-time collaborators at ONE Sotheby’s, we’re proud to conclude another chapter in this iconic building.”

“As a testament of the recent success leading to the loan payoff, during Art Week alone, our sales team inked two large sales totaling more than $30 million,” said Kevin Venger, co-developer of One Thousand Museum.

“One Thousand Museum is a unique and iconic property that will be enjoyed by its residents and a significant part of the downtown Miami skyline for years to come, said Joseph McDonnell, Managing Partner for Cirrus Real Estate Partners. “We are extremely pleased that the capital solution we provided to the sponsor group of One Thousand Museum facilitated the property performing to its full potential and, consequently, such quick repayment of our investment. Working with the developer group has been a pleasure and we look forward to collaborating with them again in the near future.”

One Thousand Museum was developed by Louis Birdman, Kevin Venger, Gilberto Bomeny, Gregg Covin and Todd Michael Glaser. The tower officially debuted August 2019 as one of the country’s most anticipated condominiums, with its striking exoskeleton instrumental to becoming the most iconic and identifiable tower in Downtown Miami. The tower was the designed by the late Zaha Hadid and was her first residential skyscraper in the Western Hemisphere. The unique tower features an exoskeleton which was made from glass fiber reinforced concrete imported from Dubai.

One Thousand Museum rises 62-stories and offers 84-units. The building’s luxe lifestyle and exclusive amenities are among its most desirable attractions including a private rooftop helipad, making it Miami’s only residential building accessible via its own private airport. One Thousand Museum is also the first residential building in the world to partner with Forbes Travel Guide to create a hospitality-focused experience for residents and their guests on par with the finest hotel in the world.

Additional amenities include a Sky Lounge for dining and private events; an on-premise bank vault; nearby private Beach Club, Museum Beach; access to a house car service, 1KM wellness center featuring state-of-the-art equipment by Techno-Gym, a Spa with relaxation pods and private treatment rooms for spa services and the Aquatic Center featuring an indoor lap-pool at the 61st Floor.

Photography by Robin Hill Photography