This Week's South Florida Deal Sheet: PPG, BH3 Land $225M For Hallandale Beach Apartments
PPG Development and BH3 Management secured $225M in refinancing for their Hallandale Beach residential project, which was completed in 2022.
JPMorgan Chase and Monroe Capital provided the financing for PPG and BH3’s Slate Hallandale Beach project, according to a release.
The 26-story tower, designed by Kobi Karp, features 250 units ranging from one to five bedrooms, with sizes between 860 SF and 3,230 SF, according to its website. Residences start at $3,459 and can reach up to $10,406, according to Apartments.com.
The complex has more than 30K SF of amenities, including a golf simulator, movie screening room, a wine cellar and lounge, a business center and more.
PPG Development and Premium Capital Resources acquired the site in 2018 for $43.3M, along with the neighboring Shell Bay Country Club, The Real Deal reported.
BH3 Management obtained a 50% stake in 2022 when construction for Slate was completed at 101 Diplomat Parkway. Premium Capital still has a stake in the building but declined to comment on how large the stake is, a PPG spokesperson told Bisnow.
Lotus Capital Partners’ Faisal Ashraf arranged the new debt.
FINANCING
Royal Palm Cos., led by Dan Kodsi, secured $87M in bridge financing for the Elevate Apartments in Dania Beach, according to a release.
The loan, structured by Aztec Group’s Howard Taft, was provided by an unnamed Dallas debt fund.
The eight-story apartment complex opened in 2024 at 600 E. Dania Beach Blvd. The project holds 293 units with studios, one-, two- and three-bedroom apartments that start at $2,494, according to Apartments.com. Amenities for residents include a clubroom, fitness center and coworking space.
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Miami-based 13th Floor Investments and JSB Capital Group secured a $67.5M construction loan from Boston-based Santander Bank for their Parks at Davie apartment project, according to a release.
The development would be on 21.2 acres the developers leased from Broward College, the South Florida Business Journal reported. The project will feature 383 market-rate and workforce apartments across four five-story buildings at the northwest corner of Davie Road and Southwest 37th Street. Amenities will include coworking spaces, a business center and 6K SF of ground-floor retail.
The project was originally a joint venture between 13th Floor and Adler Group, but it is unclear where Adler stands in the project now. The two developers gained approval from the Davie Planning Board in 2023, the SFBJ reported.
Houston-based Marble Capital provided preferred equity, with Aztec Group’s Peter Mekras assisting in securing the capital. Construction is set to begin this month, with completion expected in 2027.
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Adache Real Estate landed a $59M bridge refinancing loan for an apartment complex in Pompano Beach, according to a release.
The bridge loan is structured on a three-year, interest-only term with extension options. Northmarq’s West Palm Beach debt and equity team of David Gahagan, Chris Hammel and Chandler Kaye secured the loan for Adache from an unnamed lender.
Old Town Square at 200 NE First Ave. is a 281-unit apartment complex that was completed in 2024 with studio, one- and two-bedroom apartments. The development holds an on-site mini-market, a yoga deck, a social lounge, community bicycles and more.
South Florida-based Affiliated Development landed an $80M loan to begin construction on its Fort Lauderdale multifamily project, The Era.
The eight-story apartment building on South Andrews Avenue between Southwest 21st and 22nd streets will span 400 units, including at least 210 for workforce housing for residents earning between 80% and 120% of the area median income.
The Era, designed by Rinka+ Fort Lauderdale affiliate A+R, will have amenities like a wellness studio, a rooftop deck and a speakeasy.
In October 2024, the city of Fort Lauderdale granted the developer a 15-year property tax reimbursement to support the project's financing. Broward County also provided a similar incentive, offering a 30-year property tax reimbursement of up to $5.5M, according to the release.
SALES
An entity affiliated with JCT Management sold the Airport Commerce Park for $18.2M to an entity linked to Step By Step Management and Triarch Capital Group, according to property records from Vizzda.
The 81K SF office park at 4101 Ravenswood Road in Dania Beach was acquired with a $10.3M loan from New York-based Popular Bank. Built in 1987, the business park was fully renovated, according to JCT Management's website.
LEASES
Ella Café, an Italian-style coffee shop, signed two new leases in Palm Beach County, according to a release.
The coffee house signed a 2K SF lease at Shoppes at Woolbright at 10833 Jog Road in Boynton Beach. The retail center is owned by New York-based Georgetown Co., which acquired the Publix-anchored property in 2022 for $70M, the South Florida Business Journal reported.
The second lease Ella Café signed was 1,650 SF at Westlake Palms in Loxahatchee, a 1.3-acre commercial development site owned by Minto Communities USA that began construction in January, the Town-Crier reported.
The shop, founded in 2016, has existing locations in Coral Springs, Davie and Plantation. Native Realty’s Elizabeth Metott represented the coffee shop for both leases.
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Parlor Doughnuts, a craft doughnut and coffee shop, is opening a location in Boca Raton’s Mizner Park neighborhood, according to a release.
The doughnut shop, founded in 2019, signed for 1,500 SF at The Mark at Cityscape, which is an apartment complex owned by Charleston-based Greystar. Native Realty’s Metott and Kaley Tuning represented Parlor Doughnuts in the transaction.
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Brightline MiamiCentral, a mixed-use development and Brightline station at 161 NW Sixth St., signed three new retail tenants, according to a release.
Verizon will open a location by the end of this year with a lease of 1,500 SF. The Green Chicken Miami, a family-owned restaurant that serves chicken, burgers and bowls, plans to open in 2,400 SF by the end of 2025. Miami-based Rosetta Bakery already had space at MiamiCentral but will be opening 620 SF of new restaurant space.
The transit hub features 816 apartments and 300K SF of office space, with tenants including Blackstone, Ernst & Young, Uber and Carlton Fields. Retail leasing is led by Michael Silverman of South Florida-based Comras Co.
PERSONNEL
CBRE promoted Gian Rodriguez to senior managing director, expanding his role to include both the Miami and Fort Lauderdale offices, according to a release.
While continuing to oversee the firm’s industrial platform across South Florida, Rodriguez is now leading the Fort Lauderdale market, which was previously led by Josh Bank, who remains executive managing director and Florida market leader.
Rodriguez joined CBRE in 2024 from Cushman & Wakefield and has completed more than $2B in industrial sale and lease transactions in his career.
