JSB and Johnston Group Land $36M Loan for Florida Waterfront Condo Conversion

JSB Capital Group and Johnston Group Development offloaded a marina in Palm Beach County, Fla.’s Singer Island to a wealthy heir, while securing funding to convert the apartments on the property into condos.

Michael Bozzuto, who runs his family-owned, Connecticut-based supermarket wholesaler Bozzuto’s Inc., paid $25 million for the 54-slip, 1.5-acre marina within the Havn Residences & Yacht Club at 176 Lake Drive, property records show. 

Last year, the businessman had purchased the mansion next door at 170 Lake Drive for $31.2 million. Bozzuto has been fighting with local officials over the right to dock his 164-foot yacht behind another one of his homes in nearby North Palm Beach, The Palm Beach Post reported. 

In tandem with the marina sale, JSB Capital Group and Johnston Group Development obtained a $36.6 million loan to complete the condo conversion of the apartment complex at Havn Residences & Yacht Club.

The waterfront condo project at 184 Lake Drive will include five mid-rise buildings with 36 units in total. Prices range from $1.25 million to $3.5 million. 

The debt from Bank Hapoalim will fund the final phase of the project, including completing the interiors, the landscaping and exterior finishes. 

“This product is in high demand because it feels like new construction, but without the wait or uncertainty of getting completed before buyers are able to move in,” Berkadia’s Mitch Sinberg said in a statement. He brokered the debt alongside Scott Wadler, Brad Williamson, Matt Robbins and Mike Basinski.

In 2023, the joint venture purchased the 3-acre property for nearly $59 million, according to property records.

Julia Echikson can be reached at jechikson@commercialobserver.com.