The lender behind a 5-year-old, 81-room hotel filed to foreclose on the property after its mortgage matured without being repaid and its operator went belly-up.
The Hillsboro Beach Resort at 1159 Hillsboro Mile
The Hillsboro Beach Resort had been managed by short-term rental operator Sonder, but the company abruptly shut down and filed for Chapter 7 bankruptcy in November after it couldn’t generate enough cash to cover its massive lease obligations.
The hotel at 1159 Hillsboro Mile in Broward County was developed in 2021 by BH3 Management. Lender Emerald Creek Capital filed the suit in Broward County Circuit Court against the ownership entities, BNH IV HM TRI LLC and 1159 Hillsboro Mile LLC, and BH3 co-founders Daniel Lebensohn and Gregory Freedman, who are named as guarantors on the loan.
“This hotel is an oceanfront gem but has endured a myriad of issues, including the increased interest rate environment and the recent bankruptcy of its former operator, Sonder,” a BH3 spokesperson said in a statement shared with Bisnow. “1159 HM has been and remains in ongoing dialogue with its lending partner.”
The six-story hotel was built on less than an acre of land with direct beach access, a pool, a gym and an on-site restaurant.
Emerald Creek originated the $26M loan in July 2022. In March 2024, the owners defaulted after allegedly not paying real estate taxes, after which the lender stepped up to pay $731K to cover the payments, according to the suit.
By the time the suit was filed earlier this month, the lender claimed it had paid more than $2M in taxes.
The loan matured in August 2025 without being repaid, according to the suit. The parties extended the loan until January, but Freedman and Lebensohn have yet to pay the debt.
Emerald Creek didn’t respond to a request for comment.
SALES
Entities tracing to Texas-based Dalfen Industrial and Goldman Sachs sold two West Palm Beach industrial buildings to affiliates of Cabot Properties for $80M, according to property records provided by Vizzda.
The Turnpike Logistics Center was built in 2021 on nearly 30 acres. The 317K SF industrial park is at 1673 and 1715 Meathe Drive. The buildings include six drive-in doors and 90 dock doors.
Dalfen made a tidy profit from the $60M it paid for the property in 2021.
Boston-based Cabot Properties also purchased a separate, 132K SF warehouse from Dalfen at 2850 Ranch House Road, Commercial Observer reported. The building was completed on a 10-acre site in 2024. The price for that asset is unclear.
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An entity tracing to Legacy Communities purchased a 316-unit senior RV home park in Deerfield Beach for $22M, according to property records provided by Vizzda.
Legacy Communities purchased Pine Tree Park from Pine Tree Park Co-Op Inc. with a $32M loan from New York Life Insurance Co.
The community was built in 2006 for seniors 55 years and older. Amenities include a clubhouse, a swimming pool, recreational facilities and direct boat access, according to its website.
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An entity tracing to Toronto-based Marlin Spring Development sold an apartment complex to Grand Peaks for $40M, according to property records provided by Vizzda.
Grand Peaks landed a $27M loan from PNC Bank for the Princeton Grove Apartments at 25011 SW 130th Ave. The price is more than 20% less than the $51M Marlin Spring paid for it in 2021.
The 216-unit complex spans seven three-story buildings built in 2016. Units range between one and three bedrooms. Amenities include a pool, gym and clubhouse, according to its website.
FINANCING
Bam Development and Ascendra Capital landed a $60M loan from Dwight Capital and started construction on a 117-unit condo building at 1715 Douglas Road in Coral Gables, according to a release.
Bam and Ascendra are marketing the one-to-three-bedroom units at Seventeen Gables Residences priced for about $600K to $1M. Amenities include a rooftop pool, sauna, gym, coworking space and ground-floor retail.
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MG Developer landed a $23M loan from Interaudi Bank to refinance the Regency Miami Airport by Sonesta, according to a release.
The 176-room, five-story hotel was built in 1982. Coral Gables-based MG Developer purchased the hotel at 1000 NW 42nd Ave. for $36M in 2024, The Real Deal reported. The hotel offers a pool, bar and gym.
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Development Alliance scored a $43M construction loan from Ocean Bank for an apartment project near the Hialeah Metrorail and Tri-Rail station, The Real Deal reported.
The loan will fund the construction of the eight-story, 189-unit Nexus Leah set to rise at 1140 E. 25th St. The affordable housing development will include a pool, coworking space, a gym and a playground, with a completion date set for 2028.
MILESTONES
Courtesy of The Boundary
The Ritz-Carlton Residences, Fort Lauderdale Beach is set to rise at 551 Bayshore Drive in Fort Lauderdale.
MICL Group and Admire Capital launched sales for The Ritz-Carlton Residences, Fort Lauderdale Beach, according to a release.
The project spans 83 units across two 13-story towers at 551 Bayshore Drive. The two and three-bedroom units will span between 1,550 SF and 3,480 SF and will start at $2.5M. The six penthouses will have private rooftop terraces and plunge pools.
The developers, who purchased the 1.5-acre site in 2023 for $30M, are working with Garcia Stromberg as the architect and Dan Fink Studio as the interior designer.
Planned amenities include a pool, private cabanas, dock slips, a resident lounge, a screening room, a multisport simulator, a conference room and a children’s playroom.
CONSTRUCTION AND DEVELOPMENT
Foundry Commercial and Wheelock Street Capital broke ground on a 485K SF industrial park in Pompano Beach, the developers announced.
The three industrial buildings on the 25-acre site at 2900 W. Sample Road are on track to deliver by the end of this year. Festival Logistics Park will have 32-to-36-foot clear heights and is being marketed to companies in logistics, distribution and light manufacturing.
LEASES
JDL Development signed three new retail tenants for 17K SF on the ground floor of its 95-unit Caretta condo tower in Juno Beach, according to a release.
Atlanta-based For Five Coffee Roasters signed a 4,660 SF lease for its first Florida location. The Drip Fitness signed for 5K SF, and Paris-based Italian restaurant group Giacomo by Big Mamma Group signed the final lease for about 7,500 SF.
There is about 5K SF of retail still available at the property on the northern edge of Palm Beach County.