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Greenberg Traurig Assists Copperline Partners in $35 Million Ambassador Hotel Cooperative Apartments Deal

WEST PALM BEACH – Nov. 19, 2019 – Global law firm Greenberg Traurig, P.A. West Palm Beach office Real Estate Shareholder David M. Layman led a team of attorneys to assist Copperline Partners in its nearly $35 million purchase of 69 of 97 cooperative units in the Ambassador Hotel Cooperative Apartments in the Town of Palm Beach, which represents 76 percent of the shares in the cooperative.

The sale of all the units closed simultaneously on Nov. 12 in 69 separate transactions. In connection with the unit purchases, Layman and his team also represented Copperline in the closing of a $23.45 million loan from Acore Capital Mortgage LP.

The purchase, which took about a year to complete due to the challenges involved in negotiating all the individual purchases, provides Copperline with a 76 percent ownership and the controlling interest in the cooperative that owns the Ambassador Hotel Cooperative Apartments. The transaction was completed after the June 2019 dismissal of a lawsuit filed by the buildings’ cooperative against Copperline, in which Greenberg Traurig attorneys represented their longtime client.

“We were very pleased to be able to assist Copperline with this complex transaction that involved attaining the approval of 76 percent of the cooperative’s unit owners who were located worldwide, and the subsequent closing of the 69 units simultaneously,” Layman said.

The direct oceanfront Ambassador Hotel Cooperative Apartments, comprising two buildings built in the 1940s and 1980s, has one of the very few cooperative ownership structures in Florida. Layman is one of a limited number of attorneys in Florida with experience working on the legal issues involved with this type of real estate ownership.

Greenberg Traurig West Palm Beach office Managing Shareholder Mark F. Bideau represented Copperline in connection with the successful litigation effort. Bideau and Layman were assisted by West Palm Beach office Associates Charles J. Abrams and Maximilien Weber.

About Greenberg Traurig, LLP: Greenberg Traurig, LLP (GT) has approximately 2100 attorneys in 41 locations in the United States, Latin America, Europe, Asia, and the Middle East. GT has been recognized for its philanthropic giving, diversity, and innovation, and is consistently among the largest firms in the U.S. on the Law360 400 and among the Top 20 on the Am Law Global 100. Web: Twitter: @GT_Law.