PPG scoops up Hallandale Seashore web site for its new HQ
PPG Growth and BH3 Administration scored a $225 million refinancing for the Slate Hallandale Seashore condo tower.
The deal marks continued lending in South Florida, regardless of larger rates of interest, slower condo leasing and different financial headwinds.
JP Morgan Chase and Monroe Capital supplied the refinancing for the 26-story, 250-unit Slate at 101 Diplomat Parkway, in response to a PPG and BH3 information launch. The tower is totally leased.
Faisal Ashraf of Lotus Capital Companions represented the homeowners within the refinancing.
Hallandale Seashore-based PPG and Paramus, New Jersey-based Premium Capital Sources purchased the event web site in 2018 for $43.3 million. The property consists of the adjoining 127-acre former Diplomat Golf & Tennis Membership, which the corporations redeveloped into the luxurious Shell Bay Membership.
After Ari Pearl’s PPG and Michael Herman’s Premium accomplished Slate in 2022, Fort Lauderdale-based BH3 purchased a 50 % stake within the tower, in response to the discharge. Premium Capital nonetheless has a stake within the constructing, a PPG spokesperson mentioned.
BH3 is led by co-founders Gregory Freedman and Daniel Lebensohn, in addition to govt chairman Eric Edidin.
The latest refinancing replaces a $150 million refinancing PPG and Premium had scored for the tower in 2022, data present.
Designed by Kobi Karp, Slate consists of one- to four-bedroom flats, starting from 859 sq. toes to three,230 sq. toes, in response to the discharge. It has greater than 30,000 sq. toes of facilities.
South Florida actual property has scored a number of mammoth refinancings in latest months.
In December, Whitman Household Growth scored $740 million for its luxurious Bal Harbour Outlets, refinancing a $550 million debt secured in 2019 and likewise offering development financing for the procuring middle’s growth. That got here on the heels of Associated Ross securing a $200 million refinancing for a portion of its CityPlace mixed-use campus in downtown West Palm Seashore.
Additionally in December, Grover Corlew nabbed a $114.4 million refinancing for its just lately accomplished 355-unit Mayla Pompano condo complicated at 11 Northeast twenty fourth Avenue in Pompano Seashore.
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