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Ocean Palms Closes on $115M Construction Loan

HOLLYWOOD BEACH, FL-The loan is for the $200-million condominium development Ocean Palms, which just began construction here. The financing was arranged by Wachovia. Two South Florida firms--the Plaza Group and Avatar Properties--are developing the three-tier project.

By Melissa Bogdany | Updated on January 08, 2004

HOLLYWOOD BEACH, FL-Ocean Palms LLC has closed on a $115-million construction loan for Ocean Palms, a $200-million condominium project being developed here. The loan was arranged by Wachovia.

Ocean Palms is planned to be built in three tiers: 38 stories, 35 stories and 32 stories. These towers will feature 240 units and will encompass phase one of the planned project. The oceanfront project will be located on five acres at 3101 S. Ocean Dr., north of the newly finished $800-million Westin Diplomat Resort and Spa.

Ocean Palms is currently under construction and 192 units are under contract with 48 units remaining. The units will range in size from more than 2,100 sf to more than 3,400 sf. Prices range from the $800,000s to $2 million and each unit offers a view of the Atlantic Ocean.

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