An affiliate of New York-based real estate developer KAR Properties LLC secured a $103 million loan to develop a 38-story condo project in Hallandale Beach, Fla., according to the South Florida Business Journal.

The project, known as 2000 Ocean, is being developed by 2000 Ocean Owner LLC and received the construction loan from Acrefi Mortgage Lending LLC, an affiliate of Apollo Commercial Real Estate Finance Inc.

The 64-unit project at 2000 S. Ocean Drive is expected to be completed in 2020.