October 10, 2019
New York-based Lotus Capital Partners, LLC arranged and closed $100 million in ground-up construction financing for Ari Pearl’s PPG Development on the SLS Residence, located in Hallandale Beach, FL. The project features 250 luxury units for lease located within a 26-story tower.
Residents will have access to a future SLS hotel, a Greg Norman Signature Golf Course, 10 tennis courts, and a 48-slip marina, all of which sit on the same 125-acre estate formerly known as the Diplomat Tennis and Country Club. Lotus negotiated and closed on a financing package from Related Fund Management. The financing has five-year loan term, and will allow PPG to begin major construction on the shovel-ready multifamily site that is scheduled to be completed Q4 2021.
Lotus Capital’s Faisal Ashraf says, “We are very proud of the role we played here, having energized the capital markets for a unique project with no true comps in a market that is in the path of growth.”
For comments, questions or concerns, please contact Dennis Kaiser