Douglas Elliman sells its property management arm to pay off debt to PMG Holdings, a wholly-owned subsidiary of Associa, one of the largest property management firms in the country.

Associa paid $85 million for all of the equity interest in Douglas Elliman Property Management, according to a filing with the Securities and Exchange Commission. Elliman is using the proceeds from the sale, along with cash on hand, to pay off $50 million in convertible debt it took out from Kennedy Lewis Investment Management last year, which was redeemed for $95 million, according to the filing. Elliman will have $122 million in cash on hand as a result of the deal.

The board voted unanimously to approve the sale, with the exception of board member and Kennedy Lewis partner David Chene, who resigned following the deal.

Peace be with you

Boston condo for sale buyers – keep the faith