Shell Bay, a 150-acre private development in Hallandale Beach, has secured $333 million in construction financing from Witkoff Group and PPG Development. The project will include Auberge-branded residences, a hotel, and the area’s first private golf club in decades. J.P. Morgan, BDT&MSD Partners and Connect One provided the funding for this venture.
Represented by Faisal Ashraf of Lotus Capital Partners on the transaction, the sponsors expressed their satisfaction with this financing structure which involves different lenders for various parts of the 130+ acre collateral pool. Additionally, lenders have agreed to work together in a senior/subordinate format to support Shell Bay’s business plan.
In 2018 Premium Capital acquired this property and partnered with developers to bring Shell Bay Club – featuring an Auberge Hotel and Branded Residences – to life.
Residents can look forward to exclusive dining options through a food and beverage program as well as access to amenities such as a swimming pool, full-service medical day spa,and indoor/outdoor fitness center at Shell Bay Development.
