Witkoff Group and PPG Development closed on $333 million in construction financing for Shell Bay, a private 150-acre development in Hallandale Beach. It will feature Auberge-branded residences, a hotel, and the region’s first private golf club in decades. J.P. Morgan, BDT&MSD Partners and Connect One provided the financing.
Faisal Ashraf of Lotus Capital Partners represented the sponsors on the transaction. Ashram commented that the financing structure features the twin puzzle of (a) different lenders on different parts of the 130+ acre collateral pool, and (b) lenders working in a senior/subordinate format to support the business plan.
Premium Capital purchased the property in 2018 and partnered with the developers to build the Shell Bay Club, the Auberge Hotel, and Branded Residences.
A food and beverage program offers residents private dining. There will also be a swimming pool, a full-service medical day spa, and a fitness center with indoor and outdoor facilities.
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