PPG Development and BH3 Management have secured a $225 million refinancing for Slate Hallandale Beach, a 250-unit luxury residential tower that was completed in 2022. J.P. Morgan and Monroe Capital provided the financing. The loan will support the property’s continued evolution as one of the premier Residential Properties in South Florida.
The Site was purchased by PPG Development and Premium Capital Resources along with the adjacent property that is now known as Shell Bay Club, one of the top-rated country clubs in the world. Upon completion in 2022, BH3 Management acquired a 50% ownership interest in the property.
“Slate was designed to the highest standards with an incredible Amenity package, ensuring an unparalleled residential experience,” said Ari Pearl, founder and CEO of PPG Development. “This refinancing further validates our continued investment in Hallandale Beach which has become one of the greatest cities to live, work and play in South Florida.”
“BH3 Management acquired an ownership stake in Slate because we saw the potential for this tower to become the address of choice for residents seeking the highest quality luxury residences in Hallandale Beach, and that’s exactly what has transpired since,” said Daniel Lebensohn, co-founder and co-CEO of BH3. “Today, Slate is an impeccably managed asset which stands among the most desirable residential buildings in all of South Florida.”
Faisal Ashraf of Lotus Capital Partners arranged the financing on behalf of PPG and BH3 Management.
“We are pleased to lead a financing along with J.P. Morgan for great local sponsors PPG and BH3 on this transaction. Monroe continues to expand its real estate credit portfolio and capitalize on investments in the Sunbelt and South Florida market,” said Kyle Asher, Co-Head, Alternative Credit Solutions for Monroe Capital.
Slate offers one- to four-bedroom residences ranging in size from 859 to 3230 square feet. Each home features open-air floor plans, floor-to-ceiling glass windows and doors, and expansive terraces for seamless indoor/outdoor living. An exclusive collection of penthouses delivers breathtaking panoramic views of the Atlantic Ocean and Intracoastal Waterway.
The Kobi Karp-designed building boasts more than 30,000 square feet of thoughtfully curated amenities. Residents enjoy a state-of-the-art fitness center, spa lounge with sauna and steam rooms, resort-style pool with cabanas, outdoor fire pit, golf simulation room, movie screening room, wine cellar and lounge, and a business center.
Nestled between Miami and Fort Lauderdale, Hallandale Beach has become a highly desirable destination, offering proximity to Aventura Mall, Gulfstream Park, and some of South Florida’s best dining and entertainment.
About PPG Development
PPG Development, with over two decades of experience, specializes in commercial and residential real estate development within the South Florida market. The accomplished team at PPG Development takes pride in its visionary approach, offering a diverse range of capabilities encompassing acquisitions, planning, development, management, operations, and financing. Their primary focus revolves around ground-up and value-added developments strategically situated in prime locations.
Ari Pearl, the founder of PPG Development, has an extensive track record, having contributed to real estate and development projects exceeding $4 billion since 2001. Among the recent standout projects within the PPG portfolio are Shell Bay Club and Residences, Slate Hallandale Beach and The Altair Hotel. For further details about PPG Development, please visit their website at www.ppgdevelopment.com.
About BH-3 Management
BH3 is a national vertically integrated real estate investment firm led by co-founders Daniel Lebensohn and Gregory Freedman, and Executive Chairman Eric Edidin, along with 30 additional professionals between its offices in South Florida, New York City, and Denver. BH3’s core strategies include: Real estate development and opportunistic equity investments, real estate debt Investments and growth equity investments in operating businesses in real estate, construction and adjacent sectors. The firm and its partners place a strong emphasis on value creation and making a positive impact on the communities where they invest. For more information, visit www.bh-3.com.
