PPG Development and BH3 Management have secured a $225 million refinancing package for Slate Hallandale Beach, a 26-story residential tower completed in 2022. The financing, provided by J.P. Morgan and Monroe Capital, will support the continued operation of the 250-unit luxury development, which is positioned among Hallandale Beach’s premier residential properties.
The site was originally acquired by PPG Development and Premium Capital Resources, alongside the adjacent property that has since become Shell Bay Club, a private golf and country club. Following the tower’s completion, BH3 Management acquired a 50% ownership stake 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 that stands among the most desirable residential buildings in all of South Florida.”
Financing for the project was arranged by Faisal Ashraf of Lotus Capital Partners.
“We are pleased to lead a financing along with J.P. Morgan for great local sponsors PPG and BH3 on this transaction,” said Kyle Asher, Co-Head of Alternative Credit Solutions for Monroe Capital. “Monroe continues to expand its real estate credit portfolio and capitalize on investments in the Sunbelt and South Florida market.”
Designed by Kobi Karp Architecture, Slate Hallandale Beach offers one- to four-bedroom residences ranging from 859 to 3,230 square feet, featuring floor-to-ceiling glass windows, open-air layouts, and private terraces with views of the Atlantic Ocean and Intracoastal Waterway. The building features over 30,000 square feet of amenities, including a state-of-the-art fitness center, spa lounge with sauna and steam rooms, resort-style pool with cabanas, an outdoor fire pit, a golf simulation room, a wine cellar and lounge, a business center, and a private screening room.
Located between Miami and Fort Lauderdale, Hallandale Beach has become an increasingly sought-after residential destination, offering proximity to Aventura Mall, Gulfstream Park, and a variety of dining and entertainment options.
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