Maxim Capital Lends $18M on Copperline Partners’ Palm Beach Multifamily Buy
By Cathy Cunningham June 16, 2021 5:30 pmreprints
Copperline Partners has closed a deal to purchase the Edgewater House Apartments in Palm Beach, Fla., Commercial Observer has learned.
The acquisition, which closed last week, comprises the 37-unit building plus the land below the property, which is located at 2720 South Ocean Boulevard.
The firm secured $17.5 million in financing from Maxim Capital Group for the $26 million deal, in a transaction arranged by Meridian Capital Group’s Ronnie Levine, sources said.
The boutique building boasts oceanfront views and includes a pool, fitness center and beach access. It’s in close proximity to the Four Seasons Resort Palm Beach and multiple dining and shopping options, as well as golf courses and bike trails.
In 2019, Copperline also acquired 69 of the 97 units at the Ambassador Hotel Cooperative Apartments in Palm Beach at 2730 South Ocean Boulevard — just across the road from Edgewater House — redeveloping the asset into a luxury hotel, as reported by The Real Deal. The Schlesinger family-owned company also owns the majority of the Brazilian Court boutique hotel and condominium property at 301 Australian Avenue in Palm Beach.
The transaction is one of the latest of many to close in South Florida’s white-hot commercial real estate market, with deal activity showing no sign of slowing any time soon. Earlier this week, Landstar Development Group bought 445 acres on the north end of Northlake Boulevard in Palm Beach Gardens from Avenir Holdings, paying $69.4 million.
Copperline officials couldn’t be reached for comment. Officials at Meridian and Maxim Capital declined to comment.