JSB Capital dropped $58.5 million on a condo complex and marina in Singer Island’s Palm Beach Shores.
PBS Condominium LLC and PBS Marina LLC, Delaware entities registered to the firm’s Baltimore address, bought the complex and marina at 176 Lake Drive from Nationwide Realty Investors, according to records and Vizzda. Miami Beach-based JSB secured a $60 million loan from New York-based S3 Capital, to finance the deal.
Called Cannonsport, the complex includes three five-story buildings with 36 condos for lease, 54 boat slips, a fitness center, pool and spas, according to its website. The condos apartments range from two- to three-bedrooms, with 1,800 square feet to 2,700 square feet. The building fronts the Intracoastal Waterway with views of Peanut Island, a small island between Singer Island and Palm Beach. It was famously the site of John F. Kennedy’s nuclear bunker when the late president stayed at his Winter White House.
Columbus, Ohio-based Nationwide, led by president and COO Brian Ellis, built Cannonsport in 2008 on 2.4 acres, records show. Nationwide develops and invests in office, retail and restaurants, sports and entertainment venues, hospitality, residential and mixed-use properties, according to its website.
JSB, founded by Jay Lobell, is an investor and developer, with investments in multifamily, vacation and single-family rentals, industrial, retail, hospitality, agricultural and office properties, according to its website. Besides Miami Beach, it has offices in New York and Baltimore. Neither Nationwide nor JSB Capital representatives could be immediately reached for comment on the deal.
The move follows JSB Capital’s $219.9 million refinancing of the Landmark South in Doral. It bought the 631-unit Landmark South in 2021 for $255 million.
The sale marks Singer Island’s biggest deal of the year. In September, Related Group, Pebb Enterprises and BH Group bought a beachfront Singer Island retail complex for $19.2 million.
In May, developer Deepak Khosa launched sales of his planned Palm Beach Shores condominium, the Pearl. The oceanfront 18-unit project’s condos range from $3.6 million to $10.5 million, with construction set to wrap in 2025.