Elad Sharon Of Elad Group Acquires Ocean Reef Condo And Land In Hillsboro Beach For $16M

The transaction involved the sale of a condo and land located at 1205 Hillsboro Mile & 1206 Hillsboro Mile in the Hillsboro Beach market. The sale price was $16,000,000, with a loan secured from Valley National Bank amounting to $12,000,000 for the purchase. The property consists of a 12-unit Ocean Reef Condo along with a neighboring lot, encompassing a total of two acres.

Summary of transaction details:

• Property Type: Condo & Land
• Transaction Amount: $16,000,000
• Buyer: Elad Sharon - Elad Group
• Seller: Steven Carlyle Cronig - Winter Sun Investments LLC
• Lender: Valley National Bank

This transaction occurred following the termination of the condo association in March, which has positioned the site for potential low-rise residential development. The involvement of Elad Group and Winter Sun Investments LLC emphasizes the strategic interests of both parties in the evolving real estate landscape of Hillsboro Beach.