PPG Development and BH3 Management have successfully closed a significant $225 million refinancing loan for Slate Hallandale Beach, a premier 250-unit luxury residential tower located in Hallandale Beach, Florida. This substantial financial maneuver underscores the strong performance and appeal of the upscale property in the competitive South Florida market.
Key Takeaways
- A $225 million refinancing loan has been secured for the Slate Hallandale Beach luxury residential tower.
- The financing was provided by J.P. Morgan and Monroe Capital.
- Lotus Capital Partners Founder and Managing Partner Faisal Ashraf facilitated the transaction.
- The 26-story tower, featuring 250 units, is fully leased.
Property and Financing Details
The 26-story Slate Hallandale Beach, designed by Kobi Karp, offers a collection of one- to four-bedroom residences, including penthouses, with living spaces ranging from 859 to 3,230 square feet. The property boasts 30,000 square feet of amenities, encompassing a fitness center, spa lounge with sauna, resort-style pool, movie screening room, and a business center.
The refinancing was arranged by Faisal Ashraf, Founder and Managing Partner of Lotus Capital Partners, on behalf of PPG Development and BH3 Management. J.P. Morgan and Monroe Capital were the lenders for this significant transaction.
Development Background
PPG Development and Premium Capital Resources initially acquired the 5-acre development site in 2018, which also included the adjacent Shell Bay Country Club property. BH3 Management later acquired a 50 percent ownership stake in Slate Hallandale Beach when it was completed in 2022. This refinancing provides a strong financial foundation for the property moving forward.
In a related development, Witkoff Group and PPG Development recently secured $273 million in construction financing from J.P. Morgan and BDT & MSD Partners for The Residences at Shell Bay. This separate, large-scale project involves a 150-acre luxury development featuring 108 units, a hotel, and a private golf club, also located in the Hallandale Beach area.
Strategic Location
Slate Hallandale Beach is strategically positioned at 101 Diplomat Parkway, approximately 20 miles north of downtown Miami and 14 miles south of downtown Fort Lauderdale. Its proximity to Fort Lauderdale-Hollywood International Airport (7 miles north) and major transportation routes like Interstate 95 and Florida State Road 858, enhances its accessibility and desirability for residents.