Updated:
BH3 Management
BH3 Management was founded in 2009 by Gregory Freedman and Daniel Lebensohn, who met as law students at Cardozo.
BH3 Management
BH3 Management was founded in 2009 by Gregory Freedman and Daniel Lebensohn, who met as law students at Cardozo. The firm originated with a single distressed condo deal in Miami's Paramount Bay tower during the foreclosure crisis, a deal that became a microcosm for BH3's structural DNA: sourcing deeply impaired real estate through opaque debt positions and borrower negotiations that few competitors pursue. Freedman and Lebensohn scaled that trade into a multi-strategy platform headquartered in Aventura with a growing New York office. The firm operates across opportunistic real estate, private credit, and special situations, with a heavy concentration in South Florida and New York metro assets. BH3 is known for acquiring defaulted mortgage notes and mezzanine debt rather than bidding in marketed property auctions, often taking title through UCC foreclosures. Portfolio holdings have included 1800 Biscayne Plaza, an entire city block in downtown Miami, and the X Miami residential tower. The firm also runs a merchant-banking arm, BH3 Capital, and a proptech vehicle, BH3 Growth Ventures (per public record). Investment horizons vary, with some positions held for a single cycle and others structured as long-duration credit plays. Deployment disclosures cite over $5 billion in total asset value across more than 40 transactions. Team size is not publicly listed. In early 2024, the firm closed on a $550 million acquisition of a luxury Fort Lauderdale development site that had stalled under a previous developer, representing one of the largest single-asset basis plays in the region's condo pipeline (per The Real Deal, February 2024). The firm has also been an active buyer of discounted bank notes, stepping into deals as traditional institutional lenders retreated from South Florida's volatile condo pre-sale market. BH3's structural distinction lies in its legal-aggressive approach to debt enforcement. Freedman, a litigator by training, and Lebensohn have built an operating model around the UCC foreclosure process as a primary sourcing channel, converting paper-claim positions into physical real estate through court-supervised auctions. This posture almost never appears at traditional real estate fund managers, who typically avoid the uncertainty, public scrutiny, and speed of forced-sale processes.
General information
Firm type
Asset Manager
Year founded
2009
AUM
$2B - $5B AUM (Altss estimate)
Location
Region
North America
Country
United States
City
Aventura
Corporate office
Aventura, FL, United States
Additional offices
New York, NY, United States
Principals
Gregory Freedman
Co-Founder & Co-CEO
Daniel Lebensohn
Co-Founder & Co-CEO
Sector focus
Frequently asked questions
How does BH3 Management source its real estate deals?
BH3 primarily sources through distressed debt acquisitions and UCC foreclosure proceedings, purchasing defaulted mortgage and mezzanine notes rather than bidding on marketed properties. This legal-intensive channel, led by litigator-trained Co-CEO Gregory Freedman, gives BH3 an edge in obtaining assets at below-replacement cost. The firm frequently negotiates directly with defaulted borrowers or takes control of assets via court-supervised auctions.
What is the background of BH3's founders?
Co-founders Gregory Freedman and Daniel Lebensohn met as law students at the Benjamin N. Cardozo School of Law. Freedman practiced as a litigator, a background that directly shaped BH3's legal-heavy sourcing model around UCC foreclosures and debt enforcement. The pair launched the firm with a single distressed condo deal in Miami during the foreclosure crisis and have scaled it into a multi-billion-dollar platform.
What is BH3's geographic focus?
BH3 concentrates on South Florida and the New York metropolitan area. In South Florida, the firm has been one of the most active opportunistic investors in the Miami and Fort Lauderdale condo markets. Its New York presence has included distressed note acquisitions and opportunistic development plays, mirroring its Miami strategy.
Does BH3 manage outside capital or is it investing the founders' own money?
BH3 operates as a real estate investment manager deploying outside institutional capital alongside co-investment from the founders. The firm has historically structured investments through discrete deal-level vehicles and longer-duration credit funds. It is not structured as a single-family office but as a traditional alternative asset manager with external limited partners (per public record).
What role does mezzanine debt play in BH3's strategy?
Mezzanine debt is central to BH3's deal flow. The firm acquires junior debt positions and mezzanine loans in already-distressed capital stacks, often at a deep discount. When the borrower defaults, BH3 can use Uniform Commercial Code foreclosure procedures to consolidate ownership of the underlying real estate, bypassing traditional mortgage foreclosures which can take years in Florida.
What are some of BH3's most notable portfolio projects?
Notable assets have included 1800 Biscayne Plaza, an entire downtown Miami city block that BH3 transformed into a mixed-use tower, and the X Miami residential tower. The firm also acquired and repositioned the Paramount Bay condo tower early in its history. Its 2024 acquisition of a stalled Fort Lauderdale development site for $550 million is one of the largest recent basis plays in the South Florida luxury condo pipeline.
Does BH3 have any investment arms outside of traditional real estate?
Yes, BH3 operates BH3 Capital, a merchant-banking arm, and BH3 Growth Ventures, a proptech investment vehicle. These units expand the firm's exposure into real estate technology and broader special-situation equity, though the firm's core remains its opportunistic real estate and distressed credit strategies.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
Need institutional-grade insight on family offices?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: