Richman Group's $225M Refi Prices South Florida Apartment Debt
Richman Group refinanced three stabilized Florida apartment towers, including Miami-Dade's Vista Sur, for $225M at rates from 5.74% to 6.15%.
The Richman Group closed on $225 million in permanent loans across three stabilized Florida apartment communities this month, refinancing at rates between 5.74 percent and 6.15 percent from New York Life Investment Management and Reinsurance Group of America, according to Commercial Observer and Connect CRE.
Why it matters
For a South Florida multifamily sponsor watching the construction-to-permanent gap, this deal is a price check. New York Life Investment Management priced The Marc in Palm Beach Gardens and Everly in Naples at 5.87 percent and 5.74 percent, while Reinsurance Group of America priced the smaller South Miami-Dade asset, Vista Sur in Naranja, higher at 6.15 percent. All three loans carry a 10-year term with five years interest-only, and all three properties opened in 2024 and have since leased up to stabilization. The new loans exceed the original construction financing on each property, Richman Group has said, the clearest signal that lease-up performance, not just time on the calendar, is what unlocks a takeout loan in this market. Richard Richman said the closings “reflect the strength and stability of our assets and our team’s ability to execute complex transactions.” Miami developers holding recently delivered, still-leasing multifamily assets now have three real rate points to bring to their own lenders.
The numbers
The Marc, a 396-unit tower at 3955 Design Center Drive in Palm Beach Gardens, refinanced for $107 million at 5.87 percent. Everly, a 320-unit property at 3250 Magnolia Pond Circle in Naples, refinanced for $72.5 million at 5.74 percent. Vista Sur, a 226-unit, eight-story building at 27077 South Dixie Highway in the Naranja section of unincorporated Miami-Dade County, refinanced for $45.5 million at 6.15 percent. All three loans run 10 years with a five-year interest-only period, and the portfolio totals 942 units and $225 million.
What’s next
Richman Group’s other Florida assets moving through lease-up, and any South Florida sponsor with a multifamily project stabilizing in 2026, are the next test of whether New York Life Investment Management and Reinsurance Group of America keep pricing stabilized product in the 5.7-to-6.2 percent range or tighten further as construction lending stays constrained.