The transaction, to Maltese Diplomat Owner, LLC for approximately $44.5 million, was closed on May 29. Concord Wilshire’s Diplomate Golf Course Venture, LLC affiliate will remain an equity partner in the new ownership group, which is led by South Florida developer Ari Pearl. The new ownership said it still pursue the major resort expansion that Concord Wilshire received approval for in 2016.
Diplomat Golf Course Venture, LLC, an affiliate of Concord Wilshire, has successfully sold the majority of its interest in the Diplomat Golf Resort & Spa in Hallandale Beach, Fla., for approximately $44.5 million to Maltese Diplomat Owner, LLC.
The closing of the transaction occurred on May 29, 2018. The Institutional loan for the transaction was provided by Kawa Capital Management, Inc. and a portion of the loan will be held by affiliates of Lloyd Crescendo Advisors.
Diplomat Golf Course Venture, LLC remains an equity partner in the new ownership group, which is led by South Florida developer Ari Pearl and his PPG Development Group.
Michael Herman, a New York financier with Premium Capital, is the capital partner of PPG Development Group.
The Diplomat Golf Resort & Spa features an 18-hole golf course, a 60-key AAA Five Diamond hotel, 22,000 sq. ft. of meeting space, a 31,000- sq. ft. luxury spa, fitness center, two food-and- beverage outlets, a 48-slip marina, and 10 clay tennis courts.
Concord Wilshire originally acquired the property in 2014 and successfully obtained approvals in 2016 for a major resort expansion and residential development consisting of four towers of 1,188 additional hotel rooms and condominium residences.
“Our new partners are accomplished developers who share the same vision that we have had for the property since acquiring it in 2014,” said Nate Sirang, President of Concord Wilshire Companies. “Ari [Pearl] and his group are poised to execute on that vision and create one of the premier destination resorts and residences in South Florida.”
Concord Wilshire said that it still plans to continue to acquire, optimize and develop unique projects, resorts and hotels throughout major markets and brand categories in the United States.
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