Copperline Partners closes $70M deal to buy Broward apartment complexes

Buyer scored $56M in financing in addition to bonds raised on Israeli stock exchange

TRD MIAMI /
Oct.October 05, 2016 12:00 PM

Copperline Partners closed on two deals to purchase apartment complexes in Coral Springs and Sunrise totaling $70 million. 

Copperline paid $48 million for the Harbor Inn Apartments at 801 Harbor Inn Drive in Coral Springs with 310 units, and $22 million for the Marsh Harbour Apartments at 8798 Northwest 38th Street in Sunrise with 168 units. Affiliates of M.S.L. Property Management sold the communities, which leaves M.S.L. with two others in Broward County.

The properties total 478 residential units with 441,950 square feet. Santander Bank provided an $18 million loan for the Sunrise property and a $37.9 million loan for the Coral Springs complex, records show.

The Schlesinger family-owned company, based in West Palm Beach and Freeport, New York, raised $19 million on the Tel Aviv Stock Exchange to help finance the purchase, The Real Deal previously reported.  Due to high demand, the bonds were priced at 104.9 percent of the initial asking price.

That brings the total in financing up to $74.9 million. The company said in the bond offering that it plans to renovate the properties, built between 1986 and 1988.

Copperline specializes in developing and managing multifamily real estate with a focus in Florida, New York and Connecticut. Its portfolio in South Florida includes the Mayfair Hotel and Spa, the Gulfstream Hotel in Lake Worth and the Brazilian Court Condominium Hotel in Palm Beach.  Last year, the firm raised $85 million through a bond offering on the Israeli market, as U.S. real estate firms continue to look to the bond market as a source of capital.


Related Articles

arrow_forward_ios
Metropica and Joseph Kavana (Credit: iStock)

Condo buyer sues Metropica developer over delays

Condo buyer sues Metropica developer over delays
Joseph Kavana a rendering of Metropica and a Stefan Szczesny sculpture

Art Miami sculptures to fill Metropica

Art Miami sculptures to fill Metropica
Clockwise from left: MG3 Developer Group’s principals Gustavo Bogomolni, Hernan Leonoff and Marcelo Saiegh with 789-799 International Parkway (Credit: Google Maps)

MG3 pays $33M for office buildings near Sawgrass Mills

MG3 pays $33M for office buildings near Sawgrass Mills
Sawgrass International Corporate Park

Brookdale buys back Sawgrass Park portfolio for $80M

Brookdale buys back Sawgrass Park portfolio for $80M
Ken Stiles and The Westerra development site in Sunrise (Credit: Stiles Corp.)

Stiles sells site of planned Sunrise mixed-use project

Stiles sells site of planned Sunrise mixed-use project
Photo illustration of Grant Cardone (Credit: iStock)

A look at Grant Cardone’s real estate portfolio and how he raised $15M in 90 minutes at Marlins Park

A look at Grant Cardone’s real estate portfolio and how he raised $15M in 90 minutes at Marlins Park
South Florida firm buys Sunrise apartment complex for $20.2M

South Florida firm buys Sunrise apartment complex for $20.2M

South Florida firm buys Sunrise apartment complex for $20.2M
Jordan E. Slone, Harbor Group CEO, and 1340 Concord Terrace

The ultimate deal? Harbor Group buys Ultimate Software’s future office in Sunrise

The ultimate deal? Harbor Group buys Ultimate Software’s future office in Sunrise
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...