PPG Development and BH3 Management Secure Major Refinancing in Hallandale Beach
PPG Development, in partnership with BH3 Management, has successfully raised $225 million to refinance the Slate Hallandale Beach, a luxurious rental tower located in Hallandale Beach, Florida. The announcement marks a significant move for the joint venture, reflecting their commitment to providing high-quality living spaces in the area.
Details of the Refinancing
The refinancing was facilitated through a debt agreement with J.P. Morgan and Monroe Capital. The capital will support the Slate Hallandale Beach, which features 250 upscale rental units situated at 101 Diplomat Parkway, approximately half a mile from the coast.
Amenities and Leasing Information
Designed by Kobi Karp, the 26-story tower includes over 30,000 square feet of premium amenities for residents. These amenities comprise:
- A state-of-the-art gym
- A luxurious spa
- A swimming pool
- A golf simulation room
- A private movie screening room
- A wine cellar
- Shared office spaces
The property is currently fully leased, with apartment sizes ranging from 859 to 3,230 square feet. Monthly rents for these units span from $3,459 to $10,406, as reported by Apartments.com.
Background of the Property
The site for Slate Hallandale Beach was acquired by PPG Development and Premium Capital Resources in 2018 for $43.2 million. The following year, the developers secured a $100 million construction loan from Related Companies to finance the project. Hallandale Beach sits between Miami and Fort Lauderdale, enhancing its appeal as a desirable residential location.
Upon the tower’s completion in 2022, BH3 Management acquired a 50% interest in the property for an undisclosed sum. That same year, the building received an earlier refinancing of $50 million from Arbor Realty.
Insight from Leadership
Daniel Lebensohn, co-founder and co-CEO of BH3, remarked, “We saw the potential for this tower to become the address of choice for residents seeking the highest-quality luxury residences in Hallandale Beach. That’s exactly what has transpired since.”
Strategic Developments Nearby
Slate Hallandale Beach is conveniently located adjacent to the Shell Bay country club, where PPG Development, led by Ari Pearl, is also developing a luxury condo and hotel project in collaboration with The Witkoff Group. Steve Witkoff, the founder of the group, currently serves as President Trump’s Middle East envoy.
Last year, PPG Development partnered with BDT & MSD Partners and J.P. Morgan again to secure a $273 million construction loan for their ongoing 20-story project in the area.
Contact Information
For further inquiries, please contact Julia Echikson.
