Miami-based developers BH3 extinguish $5.5 million dollars in debt in addition to other accretive contributions to help local non-profit organization continue its legacy
AVENTURA, Fla., Oct. 20, 2014
(As seen in Digital Journal) — BH3, a real estate firm based in Miami led by Gregory Freedman, Charles Phelan and Daniel Lebensohn, has finalized a transaction that benefited the company as well as The Talmudic College.
The Talmudic College, located on the corner of Arthur Godfried (41st Street) and Alton Road is a non-profit organization whose mission is to teach Jewish children and adults the spirit, insights and tradition of Judaism. Despite prior efforts to expand the Talmudic College, its leadership, led by Rabbi Zweig and his son Rabbi Yitzchak Zweig, decided that pursuit of development on the southern portion of their property was not in the school’s best interest despite the original intent to build adjacent housing for its leadership.
“This transaction was extremely meaningful to us as a company,” said Daniel Lebensohn, one of the principals of BH3. “We were able to collaborate with this extraordinary non-profit organization to overcome a foreclosure and extinguish over $5.5 million dollars of debt and related benefits through a complex and intricate restructuring strategy. This resulted in the Talmudic College securing its long history and promising future at this location.”
“We were able to build a unique bond with the leadership of this institution, while also creating value for our company in a nuanced transaction,” continued Lebensohn. “Going forward, BH3 will further assist the Talmudic College in their efforts to enhance their facilities through a planned expansion on their existing property, tied to the renewed Miami Beach approvals granted on their behalf by BH3 as a result of contributed air rights, and we encourage others from the community to do the same. We will continue to help The Talmudic College now build an exciting addition to their learning institution and have proudly helped Rabbi Zweig continue his legacy without the burden of debt on his school.”
“We could not have done it without the insights and dedicated cooperation of the Rabbi, the City of Miami Beach, and an extraordinary professional team, all sharing the same common goal of not only preserving the future of The Talmudic College, but positioning the future to be even brighter.”
Mast Capital’s $17.125 million dollar purchase includes the under-utilized southern portion of the Talmudic College property as well as adjacent land acquired from Florida Department of Transportation, facilitated by BH3, and will now be a new chapter for the Talmudic College and provide an exciting development opportunity for Mast Capital.
BH3 originally purchased the $5.5 million note and mortgage from BB&T Bank to help the Talmudic College free itself from foreclosure, and then went about amending entitlements with the City and purchasing adjacent land to add value to the site.
BH3 is also currently developing Privé at Island Estates on South Florida’s last buildable island in Aventura, which will consist of 160 high-end luxury condominium units amidst two towers, with over 70,000 square feet of interior public spaces, set on a picturesque and pristine eight-acre island on the Intracoastal.
Rabbi Yitzy Zweig commented, “We could not be more thankful to the BH3 team, Daniel Lebensohn, Greg Freedman, Charlie Phelan, and Mark Dubrow for all of their tireless efforts and commitment to excellence. They have allowed us to focus on a new and exciting chapter in the schools’ development and preserve its legacy for years to come. We congratulate Mast on the acquisition of the South Parcel and wish them success in their endeavors and the development of the site.”
For more information on Rohr Talmudic College, please visit: www.talmudicu.edu.
Led by principals Gregory Freedman, Charles Phelan, and Daniel Lebensohn – BH3 is an opportunistic real estate firm with a core focus on acquiring real estate in South Florida and New York City. In addition to Trump Hollywood, the firm’s impressive portfolio includes 1805 Ponce; Terra Beachside 6000 Collins; and Fontainebleau Sorrento.