South Florida and nationwide, September 20, 2025
News Summary
Private credit and institutional lenders are increasing multifamily lending as banks retreat from construction exposure. A national capital raise will back construction loans up to $1 billion, targeting $30M–$200M originations with up to 80% loan-to-cost. In South Florida, owners refinanced a 288-unit suburban complex for $58.3 million with a seven-year floating-rate, agency-backed loan. Meanwhile, a developer secured a $111.25 million construction loan for a 26-story, 310-unit Brickell tower, with construction expected to start in summer and deliver in 2027. The moves underscore growing private capital filling gaps in construction and refinance markets.
Three major multifamily finance moves reshape lending and development outlook
Activity in U.S. multifamily finance accelerated this week as a real estate finance platform secured fresh capital to back up to $1 billion in construction loans nationwide, a South Florida apartment complex was refinanced with a $58.3 million floating-rate facility, and a high-rise Brickell project locked in a $111.25 million construction loan. These transactions underscore growing private capital interest in development lending, persistent demand for suburban and urban rental housing, and continued reliance on non-bank lenders for construction financing.
New construction lending program targets up to $1 billion
A national commercial real estate finance firm announced it has raised capital to originate as much as $1 billion in construction loans secured by multifamily properties across the United States. The program will focus on loans generally ranging from $30 million to $200 million, with proceeds available at up to 80% loan-to-cost (LTC). Loans are expected to be structured with competitive floating interest rates, and pricing will be driven by property fundamentals, sponsor strength and project strategy.
The firm said the capital raise will expand its loan origination activity and build on roughly $3 billion of loans closed so far this year, while adding to a servicing portfolio that exceeds $13 billion in outstanding loans. Company leadership framed the move as a response to a pullback in bank construction lending following regulatory changes and shifting risk appetites, and signaled an ongoing focus on major U.S. multifamily markets and partnerships with experienced sponsors. Targeted exit strategies include insured and agency programs where appropriate.
Homestead property refinanced for $58.3M
A 288-unit apartment complex in Homestead, Florida — made up of 12 three-story buildings and featuring one- to three-bedroom units plus amenities such as a pool, fitness center, business center and coffee bar — was refinanced with a $58.3 million seven-year floating-rate loan backed by a government-sponsored enterprise. The financing was arranged by a national brokerage team and replaces the ownership’s 2021 acquisition financing, when the property was purchased for $71 million.
Ownership reported steady tenant demand from the broader Miami area since the property opened in 2018 and expects the new loan to support continuation of its existing business plan for long-term regional investment. The asset sits roughly 38 miles south of South Beach and remains positioned as workforce-oriented rental housing with an accessible price point.
Brickell high-rise secures $111.25M construction loan
A Switzerland-based developer obtained a $111.25 million construction loan from a global investment bank to build a 26-story multifamily tower in Brickell’s financial district. The project will rise at a one-acre site acquired previously for $21.5 million, and is planned to deliver 310 units in a mix of studio through three-bedroom layouts, with 380 parking spaces and more than 2,000 square feet of ground-floor retail.
The development team expects to start construction in summer and complete the building in 2027. Design and amenity highlights include a rooftop garden, dedicated tea room, fitness and yoga facilities, and coworking space. The general contractor and interior designer for the project were named by the developer, and the construction loan was brokered by a senior director at a national advisory firm, which selected the bank for its capacity to structure complex financings and execute with certainty.
Market context and implications
These deals reflect several wider trends: non-bank capital continuing to fill gaps left by banks that have reduced construction exposure; lenders offering floating-rate and agency-backed products to manage risk; and sustained investor appetite for multifamily assets in both suburban and urban cores. For sponsors, access to high-LTC construction debt and agency programs can speed timelines on projects aimed at adding rental supply. For lenders, larger, institutional-sized allocations are signaling confidence in asset-backed credit where underwriting and exit plans are clear.
Stakeholders considering new development or refinancing should weigh current floating-rate dynamics, available LTC, program eligibility for agency products, and the credit and execution experience of potential lending partners.
FAQ
What types of loans were announced?
The announcements cover a new construction lending program aimed at multifamily projects, a floating-rate refinance for an existing 288-unit apartment complex, and a construction loan for a 26-story multifamily tower in a central business district.
How large is the new construction lending program?
The program is sized to originate up to $1 billion in construction loans, targeting individual loans generally between $30 million and $200 million and up to 80% LTC.
What are the notable project details?
The refinance covers a 288-unit suburban-style complex. The Brickell project will be a 26-story, 310-unit tower with 380 parking spaces and retail space on a one-acre site.
Who are the typical lenders and brokers in these deals?
The financings involve institutional capital providers, agency-backed facilities, global banks providing construction loans, and national brokerage firms arranging the transactions.
How do these developments affect local housing supply?
The construction loan activity supports new rental inventory in both central urban and suburban markets, while refinancings can stabilize existing supply and allow owners to continue planned operations or improvements.
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Key features at a glance
| Item | Loan or Size | Units / Scale | Term / Structure | Notable Details |
|---|---|---|---|---|
| National construction program | Up to $1 billion | Multiple projects (target loans $30M–$200M) | Floating rates; up to 80% LTC | Expands origination footprint; builds on $3B YTD closed; $13B+ servicing |
| Suburban refinance (Homestead) | $58.3 million | 288 units | 7-year, floating-rate | Opened 2018; acquired in 2021 for $71M; includes pool and fitness amenities |
| Brickell construction loan | $111.25 million | 310 units; 26 stories | Construction financing; developer expects 2027 delivery | One-acre site; 380 parking spaces; rooftop amenities and coworking space |
Deeper Dive: News & Info About This Topic
Additional Resources
- Commercial Observer: Berkadia $58.3M Freddie Mac refinance (Homestead)
- Wikipedia: Freddie Mac
- Multi-Housing News: Terra secures $291M for Miami project
- Google Search: Terra Miami $291M project
- CoStar: Construction loan for two multifamily towers in Miami’s financial district
- Google Scholar: Miami construction loan multifamily towers
- Bisnow: Goldman Sachs lends $111M for Brickell multifamily development
- Encyclopedia Britannica: Brickell Miami
- The Real Deal: Astor nabs $36M loan for Little Havana project
- Google News: Little Havana Miami loan
Author: Construction TX News
TEXAS STAFF WRITER The TEXAS STAFF WRITER represents the experienced team at constructiontxnews.com, your go-to source for actionable local news and information in Texas and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Texas Construction Expo, major infrastructure unveilings, and advancements in construction technology showcases. Our coverage extends to key organizations like the Associated General Contractors of Texas and the Texas Building Branch, plus leading businesses in construction and real estate that power the local economy such as Austin Commercial and CMiC Global. As part of the broader network, including constructioncanews.com, constructionnynews.com, and constructionflnews.com, we provide comprehensive, credible insights into the dynamic construction landscape across multiple states.
