Cole Schotz Guides Kamson Through a $90.5 Million Acquisition and One of the Most Complex Multifamily Conversions in Florida

Cole Schotz represented The Kamson Corporation in its $90.5 million acquisition of Ponte Verde Condominiums, a 400-unit residential community in West Palm Beach, Florida, together with the financing supporting the property’s acquisition and future renovation. The transaction presented an unusual level of complexity. Rather than acquiring a traditional apartment community, Kamson purchased an existing condominium development that was simultaneously collapsed under Florida’s plan of termination statute at closing and converted into a single multifamily rental property. The deal required navigating the condominium termination process, coordinating due diligence relating to the wind-down of the condominium association and hundreds of existing leases, integrating a 1031 exchange into the structure funding the replacement property acquisition, and managing multiple layers of acquisition and renovation financing including mortgage and mezzanine debt. The matter reflects Cole Schotz’s ability to guide clients through highly structured real estate transactions involving acquisitions, redevelopment, sophisticated financing arrangements, and evolving ownership structures.

The Cole Schotz team was led by Leo Leyva and Drew Barone, with support from Jonathan Caban.