Miami-Area Tower Lands $225M Refi
The luxury community came online in 2022.
PPG Development and BH3 Management have secured a $225 million refinancing loan for Slate Hallandale Beach, a 250-unit luxury residential tower in Hallandale Beach, Fla.
J.P. Morgan and Monroe Capital provided the financing, while Lotus Capital Partners Founder and Managing Partner Faisal Ashraf arranged the deal on behalf of PPG and BH3.
PPG Development and Premium Capital Resources acquired the 5-acre development site in 2018, along with the adjacent property, known as Shell Bay Country Club. When Slate Hallandale Beach came online in 2022, BH3 Management bought a 50 percent ownership interest in the property.
In November 2024, Witkoff Group and PPG Development have received $273 million in construction financing from J.P. Morgan and BDT & MSD Partners for The Residences at Shell Bay, a 150-acre, 108-unit luxury project that will include a hotel and a private golf club.
The Slate Hallandale Beach Tower
Designed by Kobi Karp, the 26-story Slate encloses units with one- to four-bedroom layouts, including penthouses, ranging in size from 859 to 3,230 square feet. The property is now fully leased, Commercial Observer reports. The 30,000 square feet of amenities include a fitness center, spa lounge with sauna, resort-style pool, movie screening room and business center.
Located at 101 Diplomat Parkway, the upscale community is 20 miles north of downtown Miami and 14 miles south of downtown Fort Lauderdale, Fla. Fort Lauderdale-Hollywood International Airport is 7 miles north of the property. Major thoroughfares in the area include Interstate 95 and Florida State Road 858.
