The Real Deal Miami

Dizengoff buys 65 Palm Beach units

January 04, 2011 07:45AM

The Israel-based Dizengoff Group has purchased the remaining 65 units at
the Whitehouse in Palm Beach at 2560 South Ocean Drive. The firm, which
has its U.S. headquarters in Boca Raton, paid around $96 per square
foot, or $6.9 million, a discount of 61 percent, or $11 million less
than the mortgage owed to Coral Gables-based lender Mercantil
Commercebank. The deal closed Dec. 29 and is the fourth bulk buy for
Dizengoff in South Florida. Most of the units acquired are currently
leased. [SFBJ]