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<\/p>\nThe lender\u00a0behind\u00a0a 5-year-old, 81-room hotel filed to foreclose on the property after\u00a0its mortgage\u00a0matured without being repaid and its operator went belly-up.<\/p>\n
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\n The Hillsboro Beach Resort at 1159 Hillsboro Mile\n <\/p>\n
The\u00a0Hillsboro Beach Resort had been managed by short-term rental operator Sonder, but the company\u00a0abruptly shut down and filed for Chapter 7 bankruptcy<\/a>\u00a0in November after it\u00a0couldn’t generate enough cash<\/a> to cover its massive lease obligations.<\/p>\n The hotel at 1159 Hillsboro Mile in Broward County was developed in 2021 by BH3 Management<\/a>.\u00a0Lender\u00a0Emerald Creek Capital<\/a>\u00a0filed the suit in\u00a0Broward 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.<\/p>\n \u201cThis 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,\u201d a BH3 spokesperson said in a statement shared with Bisnow. \u201c1159 HM\u00a0has been and remains in ongoing dialogue with its lending partner.\u201d<\/p>\n The six-story hotel was built on less than an acre of land with direct beach access,\u00a0a pool, a gym and an on-site restaurant.<\/p>\n Emerald Creek originated the $26M loan in July 2022. In March 2024, the owners defaulted after allegedly not paying real estate taxes, after which\u00a0the lender stepped up to pay $731K to cover the payments, according to the suit.<\/p>\n By the time the suit was filed earlier this month, the lender claimed it had paid more than $2M in taxes.<\/p>\n The loan matured in August 2025 without being repaid, according to the suit. The parties extended\u00a0the loan until January, but Freedman and Lebensohn have yet to pay the debt.<\/p>\n Emerald Creek didn’t respond to a request for comment.<\/p>\n SALES<\/p>\n 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.<\/p>\n 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.<\/p>\n Dalfen made a\u00a0tidy profit from the $60M it paid for the\u00a0property in 2021.<\/p>\n Boston-based Cabot Properties also purchased a separate, 132K SF warehouse from Dalfen at\u00a02850 Ranch House Road, Commercial Observer reported<\/a>. The building was completed on a 10-acre site in 2024. The price\u00a0for that asset is unclear.<\/p>\n ***<\/p>\n An entity tracing to Legacy Communities purchased a 316-unit senior RV home park\u00a0in Deerfield Beach for $22M, according to property records provided by Vizzda.<\/p>\n Legacy Communities purchased Pine Tree Park from Pine Tree Park Co-Op Inc. with a $32M loan from New York Life Insurance Co.<\/p>\n The community\u00a0was 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.<\/p>\n ***<\/p>\n 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.<\/p>\n Grand Peaks\u00a0landed 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.<\/p>\n The 216-unit complex\u00a0spans 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.<\/p>\n FINANCING<\/p>\n 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.<\/p>\n Bam and Ascendra\u00a0are marketing the one-to-three-bedroom units\u00a0at Seventeen Gables Residences priced\u00a0for about $600K to $1M. Amenities include a rooftop pool, sauna, gym, coworking space and ground-floor retail.<\/p>\n ***<\/p>\n MG Developer landed a $23M loan from Interaudi Bank to refinance the Regency Miami Airport by Sonesta, according to a release.<\/p>\n 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<\/a>. The hotel offers a pool, bar and gym.<\/p>\n ***<\/p>\n