Hollywood: BTI Partners' $109M Bread Building refi

BTI Partners and Bridge Investment Group closed a $109 million refinance on the Bread Building, their 362-unit apartment tower in downtown Hollywood, according to Commercial Observer. Greystone arranged the loan through Freddie Mac’s Lease-Up Loan program, and Cushman and Wakefield negotiated the debt on the sponsorship’s behalf.

Why it matters

The refinance replaces the construction debt the partners carried while building the 25-story tower at 1770 South Young Circle, a former office building that once housed the Hollywood Bread Company’s headquarters. BTI and Bridge bought the site in June 2021 for $11 million, a price the Broward County Property Appraiser’s sales history confirms, then converted and expanded it into a 362-unit rental property that reached full occupancy in September 2026. Landing a Freddie Mac agency loan instead of a transitional construction facility signals the lease-up cleared the bar lenders set for standard multifamily financing, a marker other South Florida sponsors watch when timing their own exits from construction debt.

The numbers

The loan totals $109 million, structured as a cash-out refinance with full-term interest-only payments and a 35-year amortization schedule under Freddie Mac’s Lease-Up Loan program, Greystone senior managing director Richard Kourbage arranged the debt for the lender. The Broward County Property Appraiser lists the completed property under owner-of-record BOZ Hollywood Bread Owner LLC, folio 514215021110, with a 2026 just and assessed value of $72.2 million, about a third below the new loan now placed against it. The tower carries 571,570 adjusted square feet, roughly 17,000 square feet of ground-floor retail, 478 parking spaces, and amenities including a pool with cabanas and a fitness center, just south of ArtsPark at Young Circle.

What’s next

The refinance frees up capital for BTI and Bridge as leasing continues at the Bread Building, part of a wave of agency refinances moving through stabilized rental towers across South Florida this year. Neither party has disclosed what it plans to do with the proceeds above the prior construction debt, the portion a cash-out refinance typically returns to ownership. The deal adds another data point for how lenders are pricing newly delivered Broward multifamily once it fills up, a signal developers with their own lease-up towers in the pipeline will be watching.