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.
Major Moves in U.S. Multifamily Construction Finance
Financial groups and developers have lined up large loans and new capital to support multifamily construction and refinancing across South Florida and nationwide. Leading the activity, one capital manager has secured funding to originate up to $1 billion in construction loans for multifamily projects nationwide. Meanwhile, a high‑rise in Brickell landed a $111.25 million construction loan, and a 288‑unit suburban complex south of Miami was refinanced with a $58.3 million floating‑rate loan.
New capital program targets multifamily construction across the U.S.
An investment adviser tied to a national commercial real estate finance platform announced new capital for a construction lending program focused on multifamily properties. The program is set to provide loans generally ranging from $30 million to $200 million, with proceeds available at up to 80% loan‑to‑cost. Loan pricing will use floating interest rates and will be based on property fundamentals, sponsor strength, and project strategy. The manager indicated the raise builds on roughly $3 billion of loans closed so far this year and will further expand a servicing portfolio that already exceeds $13 billion.
The program emphasizes lending in major U.S. multifamily markets and working with experienced sponsors on projects that include clear exit plans, such as federal housing programs and agency loan options. The firm noted that banks have pulled back from construction lending in recent years because of regulatory capital pressures and shifts in risk appetite, creating an opening for institutional credit providers.
Brickell high‑rise secures large construction financing
A Switzerland‑based developer secured a $111.25 million construction loan for a 26‑story multifamily tower to rise in Brickell’s financial district. The building will include 310 units with studio to three‑bedroom layouts, 380 parking spaces, and more than 2,000 square feet of retail. Amenities planned include a rooftop garden, tea room, fitness and yoga spaces, and coworking areas.
The project team is moving toward a summer start of construction with a delivery target in 2027. The development team previously acquired the one‑acre site for $21.5 million. General contracting and design teams are in place, and the financing was arranged through a senior capital broker that favored a lender with experience executing complex project capital structures.
Suburban Miami complex refinanced with floating‑rate Freddie Mac loan
A 288‑unit apartment community located in Homestead, about 38 miles south of South Beach, was refinanced with a $58.3 million seven‑year floating‑rate loan backed by Freddie Mac. The property, which opened in 2018 and sits on 12 three‑story buildings, offers one‑ to three‑bedroom units and amenities such as a swimming pool, fitness center, business center and coffee bar.
The borrower bought the community in 2021 for $71 million and has since positioned the asset as an attractively priced housing option for the Miami area. The new financing was arranged by a capital markets team that handled the Freddie Mac placement.
Market context and what this means
Together, these transactions highlight two trends: growing institutional appetite for well‑secured multifamily construction credit, and continued demand for housing in the greater Miami region. As traditional banks pull back from certain types of construction exposure, nonbank lenders and capital managers are stepping in with programs that can offer higher loan‑to‑cost levels and flexible exit strategies.
For developers, the availability of large construction loans from institutional and investment banks can keep planned projects on track, though timing remains sensitive to permitting and market conditions. For investors and local renters, these deals translate into a pipeline of new and updated housing stock in both urban centers and suburban markets.
Where to get more information
Parties interested in the capital program or specific projects can reach the listed contact addresses published by the respective firms for media and investor inquiries. Project teams and lenders also publish property and financing summaries for prospective partners and local officials.
FAQ
Q: What types of projects will the new capital program fund?
A: The program is aimed at multifamily construction projects across major U.S. markets, with typical loan sizes from $30 million to $200 million and availability up to 80% loan‑to‑cost.
Q: What does a floating‑rate loan mean for borrowers?
A: Floating‑rate loans have interest that moves with market rates over time. Borrowers should plan for interest variability and can use hedges or fixed‑rate takeouts as part of exit strategies.
Q: How long are the loans for stabilized properties?
A: Refinances can vary; an example in this report used a seven‑year floating‑rate loan backed by a secondary market program, which is common for medium‑term hold strategies.
Q: Will these loans affect construction timelines?
A: Secured construction financing generally helps projects move forward, but timelines can still be affected by permitting, labor, and supply chain issues.
Q: How do exit strategies work for construction loans?
A: Exit strategies may include selling the completed asset, refinancing with permanent agency or insured loans, or using federal programs that offer long‑term financing once the project stabilizes.
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Key deal and program features
| Item | Amount | Type | Term / Timing | Units / Size | Location |
|---|---|---|---|---|---|
| National construction loan program | Up to $1 billion | Construction loans (multifamily) | Target loans $30M–$200M; up to 80% LTC | Varies by project | Major U.S. multifamily markets |
| The Perrin (Brickell) | $111.25 million | Construction loan | Construction start planned in summer; delivery 2027 | 310 units; 26 stories; 380 parking spaces | Brickell, Miami |
| The Olivia (Homestead) | $58.3 million | Refinance — 7-year floating-rate | Seven-year loan | 288 units; 12 three-story buildings | Homestead, Miami‑Dade County |
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 NY News
NEW YORK STAFF WRITER The NEW YORK STAFF WRITER represents the experienced team at constructionnynews.com, your go-to source for actionable local news and information in New York 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 New York Build Expo, infrastructure breakthroughs, and cutting-edge construction technology showcases. Our coverage extends to key organizations like the Associated General Contractors of New York State and the Building Trades Employers' Association, plus leading businesses in construction and real estate that power the local economy such as Turner Construction Company and CMiC Global. As part of the broader network, including constructioncanews.com, constructiontxnews.com, and constructionflnews.com, we provide comprehensive, credible insights into the dynamic construction landscape across multiple states.
