The property involved in this transaction is a condo located at 101 Diplomat Parkway in Hallandale Beach. The asset is undergoing a significant transformation, with plans to convert the existing rental project into a luxury branded pied-a-terre condominium. Upon completion, it will feature 250 branded condominium units, 572 parking spaces, and 30,000 square feet of 5-star amenities, including a state-of-the-art fitness center, tennis courts, pickleball courts, a spa, and a resort-style pool.

Summary of transaction details:

• Property Type: Condo
• Transaction Amount: $225,000,000.00
• Lender: Southern Realty Trust - Brian Sedrish
• Landlord: Ari Pearl - PPG Development, Daniel Lebensohn and Greg Freedman - BH3 Management
• Loan Type: Other
• Loan Terms: Financing arranged by Lotus through The SRT Group for the conversion project.

The deal involves key players including Brian Sedrish from Southern Realty Trust providing the financing. PPG Development, represented by Ari Pearl, along with BH3 Management, represented by Daniel Lebensohn and Greg Freedman, are the primary parties working on the conversion initiative aimed at delivering a luxury condominium product to the market.