Lionheart Buys Last Condo Units for $120M

FORT LAUDERDALE, FL-Miami-based Lionheart Capital purchased the remaining 146 units at the 242-unit 2700 North Ocean Drive condominium on Singer Island, a wealthy enclave at the northern end of Palm Beach County, in a joint venture. The purchase price was approximately $120 million. Lionheart’s joint venture partner is Elliott Management Corp., a New York-based private investment fund with over $16.9 billion in assets under management. The sale closed on June 4.

The seller, prominent Palm Beach County developer Daniel Catalfumo of Catalfumo Construction, completed the development in January 2008, but was only able to sell 96 units, which ranged in price from $900,000 to over $3 million, according to the developer. The sale of the remaining units at the oceanfront development yielded an average of a little over $800,000 per unit. Of these units, 54 were condominium-hotel units. The average size of units at the development is over 3,000 square feet.