Founded in 2009, BH3 Management is a privately held, vertically integrated real estate investment manager, operator, and developer. The firm was co-founded by Daniel Lebensohn and Gregory Freedman and has since expanded its footprint across key U.S. markets including South Florida, New York City, and Denver. BH3’s investment strategy spans the full real estate capital stack, with active divisions in real estate debt, equity, and growth equity. The firm targets opportunistic and value-add investments, often acquiring, restructuring, or developing multifamily, condominium, and mixed-use assets. BH3’s portfolio includes high-profile developments such as DNA Towers and Icon Las Olas in Fort Lauderdale, 125 Greenwich and Bloom on 45th in New York, and the Mondrian Hallandale Beach. The company has invested over $1 billion in equity and $2 billion in debt across more than 100 commercial real estate loans and assets. In 2023, BH3 launched BH3 Growth Equity to invest in operating businesses within real estate-adjacent sectors, further diversifying its investment platform. The firm’s asset class focus includes multifamily, hospitality, mixed-use, and condominium properties. BH3’s top market exposures are South Florida (including Fort Lauderdale and Miami), New York City (Manhattan and Brooklyn), and more recently, Malibu, California. This geographic concentration presents exposure risks, particularly in South Florida, which accounts for a significant portion of its development pipeline and owned assets. Tenant concentration data is limited, but BH3’s portfolio includes luxury residential and hospitality assets, suggesting a diversified tenant base across short-term and long-term leases. The firm’s strategic positioning emphasizes flexibility, opportunism, and deep market relationships, allowing it to capitalize on distressed and underutilized assets in high-barrier markets.