What BH3 does

BH3 Management is a vertically integrated real estate investment, operating, and development firm founded in 2009 by Daniel Lebensohn and Gregory Freedman, headquartered in Fort Lauderdale, Florida, with regional offices in New York (opened ~2012) and Denver (opened late 2022). The firm operates across three core strategies: (1) Real Estate Credit, originating and acquiring senior mortgages, mezzanine debt, and preferred equity positions (e.g., a $200M defaulted senior mortgage at 125 Greenwich in Manhattan, a $135M construction loan at 95 Rockwell in Brooklyn, and a $74M senior construction loan at Salato Pompano Beach); (2) Development / Opportunistic Equity, taking joint-venture, preferred equity, and common equity positions in development projects; and (3) BH3 Growth Equity, making strategic investments in operating companies including out-of-home advertising (Heritage Outdoor Media, Las Vegas Billboards) and climate technology (CarbonCure). BH3 sources deals through deep local-market relationships, broker networks, and off-market opportunities, with deal execution capabilities spanning investment, legal/structuring, development oversight, and proprietary residential sales via its subsidiary BH3 Realty.

The firm's portfolio spans luxury branded residential developments (Viceroy Residences Clearwater Beach, Mondrian Hallandale Beach, The Raleigh with Rosewood, Casa Cipriani in Miami Beach, Privé Malibu), mixed-use projects (DNA in Fort Lauderdale, 141 Willoughby in Brooklyn, Watson Harbour in Miami), hospitality debt positions (ACE Hotel Brooklyn), multifamily operating assets (the Abacus Portfolio in Manhattan), and growth equity investments. To date, BH3 has acquired, managed, or developed more than $2.5 billion in CRE loans and assets encompassing over 8 million square feet, including the fully sold-out Privé at Island Estates in Aventura (total sellout exceeding $500 million) and Trump Hollywood (sold out by 2012). Capital is raised through BH3 Fund Advisors from institutional investors, family offices, and accredited investors via private fund vehicles, with end-customers for residential products being high-net-worth and ultra-high-net-worth individuals purchasing branded luxury residences across South Florida, New York, California, and other top U.S. MSAs.

Name

BH3

Legal name

BH3 Fund Advisors, LLC

Website

https://bh-3.com

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

11–50 employees

Short description

BH3 Management is a vertically integrated real estate investment, operating, and development firm founded in 2009, managing more than $2.5 billion in CRE loans and assets across real estate credit, opportunistic equity, and growth equity strategies, serving institutional investors, family offices, and high-net-worth buyers of luxury residential projects.

Ownership category

akta.pro rank

Product category

Real Estate Investment & Development

NAICS

Portfolio Management and Investment Advice (52394), Other Financial Vehicles (525990), Other Financial Investment Activities (5239)

SIC

Real Estate Dealers (For Their Own Account) (6532), Mortgage Bankers & Loan Correspondents (6162), Investment Advice (6282)

akta.pro primary industry

Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ)

akta.pro secondary industry

Business Services (B2B) Growth Equity (FSANACAD)

Keywords

• Commercial real estate investment
• Real estate credit lending
• Opportunistic equity investing
• Luxury real estate development
• Growth equity investing

Headquarters

HQ city

Fort Lauderdale

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Supply Chain, Technology or R&D, Others

Revenue model

1. Development and Opportunistic Equity: BH3 generates returns through direct equity investment in real estate development projects, acquiring control of distressed assets, and repositioning them for sale or stabilization. Revenue comes from asset disposition profits, developer fees, and co-investment returns.
2. Real Estate Credit / Debt Investment: BH3 originates and acquires commercial real estate loans including senior mortgages, mezzanine debt, and preferred equity positions. Returns are generated through interest income, origination fees, and loan disposition profits.
3. Growth Equity: BH3 invests growth equity in operating companies in adjacent sectors such as outdoor advertising and climate technology. Returns realized through equity appreciation and exit events.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

BH3 Management is a vertically integrated real estate investment firm that invests across the commercial real estate capital stack via three strategies: Real Estate Credit Opportunities (senior mortgages, mezzanine debt, and preferred equity), Development / Opportunistic Equity (joint-venture and equity investments in luxury and mixed-use development projects), and BH3 Growth Equity (strategic investments in operating companies such as out-of-home advertising and climate technology). The firm sources, finances, develops, and operates a portfolio of branded luxury residential, mixed-use, office, and hospitality real estate assets for institutional and accredited investors, while also managing its owned investments directly through subsidiaries such as BH3 Fund Advisors and BH3 Realty.

Product overview

BH3 Management is a vertically integrated real estate investment firm founded in 2009 that operates through multiple investment strategies including Real Estate Credit (debt financing), Development/Opportunistic Equity (joint-venture and equity investments), and BH3 Growth Equity (strategic investments including out-of-home advertising). The firm manages approximately $2.5 billion in CRE loans and assets, with over 8 million square feet acquired, developed, restructured or under development across offices in South Florida, New York, and Denver. The portfolio includes branded luxury residential developments (Casa Cipriani, Viceroy Clearwater Beach, Mondrian Hallandale Beach, Rosewood Residences Turtle Creek), mixed-use projects (The Raleigh, The Ursa, DNA), hospitality properties (ACE Hotel Brooklyn), operating multifamily assets (Abacus Portfolio), and growth equity investments (Heritage Outdoor Media, Las Vegas Billboards, CarbonCure). BH3 Fund Advisors serves as the investment management platform for private fund investors.

Differentiator

Problem solved

Functional benefit

Brands

• BH3 Fund Advisors: Private fund advisory entity managing real estate credit and opportunistic equity investment vehicles for institutional investors
• BH3 Growth Equity
• BH3 Realty

Quantifiable outcome

• $2.5B+ in CRE loans and assets acquired, managed, or developed
• +2 more outcomes

Named customers2 records

Segments1 record

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Twelve partnerships are on record, tiered major, core and minor.

• FirstService ResidentialmajorStrategic or Co-development Partner · 5 June 2026FirstService Residential was selected as property management and lifestyle services provider for Viceroy Residences Clearwater Beach. FirstService is a leading property management company offering hospitality-focused management models for high-end condominium projects.
• U.S. Development LLCcoreStrategic or Co-development Partner · 31 January 2024BH3 and U.S. Development LLC partnered to acquire waterfront development site on Clearwater Beach for $24.75 million. U.S. Development is a Philadelphia-based real estate development and management firm specializing in ultra-luxury condominiums and mixed-use buildings. The partnership is developing Viceroy Residences Clearwater Beach, an $250 million luxury condominium project with 86 units.
• Viceroy Hotels & ResortscoreOEM/ Whitelabel/ Licensing Partner · 1 January 2024Viceroy Hotels & Resorts is branding the Viceroy Residences Clearwater Beach development, marking Viceroy's first development on Florida's west coast. The luxury hospitality brand with properties in St. Lucia, Bali, and Los Cabos brings branded hospitality management to the residential project.
• Merrimac VenturescoreStrategic or Co-development Partner · 1 January 2023BH3 and Merrimac Ventures partnered in early 2023 to acquire leasehold interests in 10.8 waterfront acres on Miami's Watson Island for a mixed-use development project. The partnership combines Merrimac's local roots with BH3's development expertise to execute the City of Miami's waterfront vision.
• Hope Street CapitalcoreStrategic or Co-development PartnerBH3 co-invested alongside Hope Street Capital as partners in multiple Brooklyn development projects including The Hendrik, 98 Front Street, and The Axel. Hope Street Capital served as lead developer on these joint ventures.
• Charney Companies and Madison Realty CapitalmajorStrategic or Co-development PartnerBH3 partnered with Charney Companies and Madison Realty Capital to provide a $135 million construction loan for 95 Rockwell Place, a 45-story condominium tower in Fort Greene/Downtown Brooklyn.
• PPG DevelopmentmajorStrategic or Co-development PartnerBH3 Management and PPG Development collaborated on Mondrian Hallandale Beach, a 26-story branded residential tower in Hallandale Beach. PPG Development serves as co-developer alongside BH3.
• EnnismorecoreOEM/ Whitelabel/ Licensing PartnerEnnismore is the hospitality brand owner behind the Mondrian brand. BH3's Mondrian Hallandale Beach represents the first standalone residential project under the Mondrian brand, utilizing Ennismore's branded hospitality model.
• Traina Cos.majorStrategic or Co-development PartnerBH3 partnered with Traina Cos. on the DNA towers project in Fort Lauderdale, a 1.4 million square foot mixed-use development planned for a 2.7-acre site between the Central Business District and Flagler Village.
• Capstone EquitiesmajorStrategic or Co-development PartnerBH3 partnered with Capstone Equities to reposition 141 Willoughby Street in Downtown Brooklyn into a mixed-use destination with Class A commercial space and over 200 residences.
• Rosewood Hotels & ResortscoreOEM/ Whitelabel/ Licensing PartnerBH3 provided financing for The Raleigh Miami Beach restoration project, which will feature Rosewood Hotels & Resorts managing the 60-suite full-service hotel component and branding 42 oceanfront residences.
• Waypoint Resort Real EstateminorChannel Partner/ Reseller/ DistributorWaypoint Resort Real Estate was engaged to help Viceroy Residences Clearwater Beach expand its sales efforts to reach national and international buyers.

Scale indicators3 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Property Markets Group: New York and Miami-based vertically integrated real estate investment and development firm focused on luxury residential, mixed-use, and condominium projects. Highly comparable to BH3 in product mix, geographic focus, and vertically integrated platform; BH3's CDO Charlie Carreño previously served as Director of Development there.
• Naftali Group: New York-based real estate investment and development firm focused on luxury residential, multifamily, and mixed-use projects. Comparable to BH3 in product category (luxury condo and mixed-use), capital-stack flexibility, and partnership-driven development model.
• Madison Realty Capital: New York-based real estate private equity and debt firm providing senior debt, mezzanine, and equity capital. Comparable to BH3's Real Estate Credit strategy; Madison is also a direct JV partner with BH3 on the 95 Rockwell construction loan.
• Merrimac Ventures: Miami-based real estate development and investment firm with deep local market roots. Direct JV partner with BH3 on Watson Island; highly comparable product focus on luxury mixed-use and waterfront South Florida development.
• Hope Street Capital: Brooklyn-focused real estate development firm. Direct JV partner with BH3 on multiple Brooklyn projects (The Hendrik, 98 Front Street, The Axel), with comparable product mix in NYC residential and mixed-use development.
• JDS Development Group: New York and Miami-based real estate development firm focused on luxury residential, branded residences, and mixed-use projects. Comparable to BH3 in branded-residence strategy, trophy-asset focus, and vertically integrated execution.
• RFR Holding: New York-based real estate investment and development firm with holdings in luxury office, residential, and hospitality. Comparable to BH3 in mixed-use, hospitality-linked (The Raleigh), and trophy-asset strategies.
• Criterion Real Estate Capital: Real estate private equity firm investing across debt and equity in commercial real estate. Comparable to BH3 Fund Advisors' credit strategy; BH3's Principal Adam Falk was previously a Managing Director at Criterion.

Broad incumbents

• The Related Group: Largest luxury residential developer in South Florida with deep branded-residence partnerships and a much larger scale. Comparable to BH3 in Florida luxury condo and mixed-use focus; BH3's CDO previously worked at Related as a Project Director.
• Hines: Global real estate investment, development, and management firm operating across debt, equity, and operating platforms. Comparable to BH3 in vertically integrated real estate platform model; BH3 COO Michelle Guber previously worked in Hines' Capital Markets Group.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about BH3