PPG Development and BH3 Management scored a $225 million refinancing for the Slate Hallandale Beach apartment tower.
The deal marks continued lending in South Florida, despite higher interest rates, slower apartment leasing and other economic headwinds.
JP Morgan Chase and Monroe Capital provided the refinancing for the 26-story, 250-unit Slate at 101 Diplomat Parkway, according to a PPG and BH3 news release. The tower is fully leased.
Faisal Ashraf of Lotus Capital Partners represented the owners in the refinancing.
Hallandale Beach-based PPG and Paramus, New Jersey-based Premium Capital Resources bought the development site in 2018 for $43.3 million. The property includes the adjacent 127-acre former Diplomat Golf & Tennis Club, which the firms redeveloped into the luxury Shell Bay Club.
After Ari Pearl’s PPG and Michael Herman’s Premium completed Slate in 2022, Fort Lauderdale-based BH3 bought a 50 percent stake in the tower, according to the release. Premium Capital still has a stake in the building, a PPG spokesperson said.
BH3 is led by co-founders Gregory Freedman and Daniel Lebensohn, as well as executive chairman Eric Edidin.
The recent refinancing replaces a $150 million refinancing PPG and Premium had scored for the tower in 2022, records show.
Designed by Kobi Karp, Slate consists of one- to four-bedroom apartments, ranging from 859 square feet to 3,230 square feet, according to the release. It has more than 30,000 square feet of amenities.
South Florida real estate has scored several mammoth refinancings in recent months.
In December, Whitman Family Development scored $740 million for its luxury Bal Harbour Shops, refinancing a $550 million debt secured in 2019 and also providing construction financing for the shopping center’s expansion. That came on the heels of Related Ross securing a $200 million refinancing for a portion of its CityPlace mixed-use campus in downtown West Palm Beach.
Also in December, Grover Corlew nabbed a $114.4 million refinancing for its recently completed 355-unit Mayla Pompano apartment complex at 11 Northeast 24th Avenue in Pompano Beach.
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