PPG Development and BH3 Management have secured a $225 million refinancing for Slate Hallandale Beach (Slate Residences), a 250-unit luxury residential tower that was completed in 2022. J.P. Morgan and Monroe Capital provided the financing.
Slate Residences 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. The loan will support the property’s continued evolution as one of the premier Residential Properties in South Florida.
“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.
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.
