NEW YORK, Jan. 20, 2022 (GLOBE NEWSWIRE) -- Madison Realty Capital, a vertically integrated real estate private equity firm focused on debt and equity investment strategies, today announced that it has provided a $128 million loan to Shahab Karmely’s KAR Properties for the completion of a 64-unit luxury residential property located at 2000 South Ocean Drive in Hallandale, Florida. The loan will be used to refinance existing loans and complete sales.
Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital, said, “Hallandale is an attractive city, centrally located between Miami and Fort Lauderdale, which continues to experience consistent growth as more residents are drawn to the influx of new jobs in South Florida. Shahab Karmely and his highly experienced team at KAR Properties put together an expert development team and Madison Realty Capital is pleased to leverage our significant expertise investing in South Florida to deliver flexible financing to complete this high-end residential project.”
The property, called 2000 Ocean, is significantly presold, and completed construction in December. Designed by Enrique Norten of TEN Arquitectos, the building rises 38 stories and overlooks both the Intercoastal Waterway and Atlantic Ocean. Residences include 58 three-bedroom units, five full floor penthouses and one top floor duplex villa. Each residence offers 10-foot ceilings, private elevators, and terraces. The building amenities include two pools with cabanas, a spa, yoga center, garden, café, library, theater, and entertainment room.
“KAR Properties was a pioneer in their foresight of Miami and its growth potential,” added Shahab Karmely, Chief Executive Officer of KAR Properties. “We took long term bets on Miami in 2012/13 when it was not on anyone’s radar like it is today. KAR Properties has aggregated some significant parcels of land and we look forward to a programmatic relationship with Madison Realty Capital and Josh’s team along with Surya to facilitate the growth of some of the trophy assets in Miami. This deal is the beginning of a long-term relationship between all the firms.”
“We arranged the construction financing for this transaction three years back and now, the condo inventory loan, so we have seen this project from a rendering to a beautiful reality,” said Adi Chugh, Founder and President of Surya Capital Partners. “Madison Realty Capital is a reliable CRE lender that understands the borrower’s vision as well and makes the process of closing a deal smooth and seamless, despite hurdles. Josh, Brian and their team are always focused on a solution and not the problem and that’s what has made them a lender of choice on this project.”
Madison Realty Capital has significant experience investing in South Florida across asset classes. Notable recent investments include a $310 million loan to The Chetrit Group for the first two phases of development of Miami River Towers in Brickell; a $44.7 million loan to U.S. Construction for the ground-up development of 14-unit luxury condominium property located in Delray Beach; a $62 million bridge and construction loan for the refinancing and development of University Pointe; an 877-bed student housing property located in Davie; a $30 million loan to M Development to fund the acquisition, closing costs and predevelopment of a 4.27-acre mixed-use development site in Naples; and a $105 million loan to Fort Partners for the acquisition of the Four Seasons Hotel Miami located in Brickell.
About Madison Realty Capital
Madison Realty Capital is a vertically integrated real estate private equity firm that, as of December 31, 2021, manages approximately $8 billion in total assets on behalf of a global institutional investor base. Since 2004, Madison Realty Capital has completed approximately $20 billion in transactions providing borrowers with flexible and highly customized financing solutions, strong underwriting capabilities, and certainty of execution. Headquartered in New York City, with an office in Los Angeles, the firm has approximately 70 employees across all real estate investment, development, and property management disciplines. Madison Realty Capital has been frequently named to the Commercial Observer’s prestigious “Power 100” list of New York City real estate players and is consistently cited as a top construction lender, among other industry recognitions. To learn more, follow us on LinkedIn and visit www.madisonrealtycapital.com.
