Concord Wilshire Sells Interest in Diplomat Golf Resort for Nearly $45M
PPG Development Group is leading the ownership group along with his capital partner, Michael Herman of Premium Capital.
HALLENDALE BEACH, FL—Concord Wilshire reports it has sold the majority interest in the Diplomat Golf Resort & Spa here for approximately $44.5 million.
The firm, headquartered in Marietta, GA sold its majority interest to Maltese Diplomat Owner, LLC. Diplomat Golf Course Venture, LLC, an affiliate of Concord Wilshire, remains an equity partner in the new ownership group led by South Florida developer Ari Pearl and his PPG Development Group.
Concord Wilshire, which also has offices in Arlington, VA; Scottsdale, AZ and Los Angeles, originally acquired the property in 2014 and successfully obtained approvals in 2016 for a major resort expansion consisting of four towers of 1,188 additional hotel rooms and condominium residences.
PPG Development Group is leading the ownership group along with his capital partner, Michael Herman of Premium Capital.
The Diplomat Golf Resort and Spa, features an 18-hole golf course, a 60-key AAA Five Diamond hotel, 22,000 square feet of meeting space, a 31,000- square-foot luxury spa, fitness center, two food and beverage outlets, a 48-slip marina and 10 clay tennis courts.
“Our new partners are accomplished developers who share the same vision that we have had for the property since acquiring it in 2014,” says Nate Sirang, president of Concord Wilshire Cos. “Ari 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 reports that 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. Maltese Diplomat Owner, LLC took title to the Diplomat Golf Resort & Spa on May 29.