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Spencer Schlager And Charles Rosenberg Acquire Palm Beach Portfolio With $22 Million Loan From Ocean Bank
FINANCED
$22,000,000
Florida
See Similar DealsCommercial75,300 SF
Financed 06/02/2026
FINANCED
Spencer Schlager And Charles Rosenberg Acquire Palm Beach Portfolio With $22 Million Loan From Ocean Bank
180 Royal Palm Way & 301 South County Road
See Similar DealsCommercial75,300 SF
Financed 06/02/2026
Summary
FLORIDA
Asset Type:Commercial
Price Per Square Foot:$292
Total Square Footage:75,300 SF
Transaction Type:Loan
The asset involved in this transaction consists of a commercial property portfolio located at 180 Royal Palm Way, 301 South County Road, 159 & 163 Brazilian Avenue in Palm Beach, FL. This portfolio spans a total of 75,300 square feet and includes the former IberiaBank building, a retail property, and three adjacent parking lots. The transaction was supported by a financing amount of $22,000,000 from Ocean Bank.
Summary of transaction details:
- Property Type: Commercial, Retail & Parking Lot
- Transaction Amount: $22,000,000
- Lender: Ocean Bank
- Landlord: Spencer Schlager - CS Ventures; Charles Rosenberg - Rosemark Management, Inc
- Broker: George Harduvel - Ocean Bank
CS Ventures acquired the Palm Beach portfolio following the withdrawal of plans to redevelop the site into luxury residences, largely due to anticipated community opposition. The properties were previously owned by Frisbie-affiliated ownership entities, indicating a shift in the strategic direction of this asset.
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BROKERAGE
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$22,000,000.00
Monthly NOI$146,666.67
Monthly Debt Service$139,054.97
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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