Copperline Partners closes $70M deal to buy Broward apartment complexes
Buyer scored $56M in financing in addition to bonds raised on Israeli stock exchange
October 05, 2016 12:00PMBy Katherine Kallergis
Harbor Inn Apartments
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.
Source: The Real Deal