West Palm Beach condos-turned-rentals sell for $91M to billionaire’s company
Billionaire Richard Kurtz’s The Kamson Corporation and Joel Gluck of Scopus Property Management dropped $90.5 million for a 400-unit residential complex in West Palm Beach that was converted from condos to apartments last year. The investors acquired Ponte Verde at Palm Beach Lakes with an $81 million acquisition loan from New York-based lenders Prospect Ridge and Blue Owl, with Meridian Capital Group’s David Bollag and James Darling arranging the mortgage, according to Meridian. The 28-acre complex at 1401 Village Boulevard was built as rentals in 1990 and converted to condos years later. The condo association was the seller in the […]This article originally appeared on The Real Deal. Click here to read the full story.
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