Stewards refinances 1818 Park, its downtown Hollywood tower, for $79M

Stewards Inc. (OTC: SWRD) said it completed a $79 million refinancing of 1818 Park, the 22-story multifamily tower it owns in downtown Hollywood, according to a July 27 company release. The new debt, a senior loan from Värde Partners and mezzanine financing from CCL Capital arranged by BayBridge Real Estate Capital, replaces financing that the company’s own SEC filings show had already reached its stated maturity.

Why it matters

A stabilized downtown Hollywood tower clearing institutional debt in the current rate environment is a live data point on whether financing is actually available for stabilized South Florida multifamily, and on what terms. At about 94 percent occupied, 1818 Park was not shopping for rescue capital, it was a performing asset that needed to term out debt past its maturity date. That a credit-focused senior lender and a mezzanine fund cleared it through a capital markets advisor tells developers holding maturing multifamily debt in Broward and Miami-Dade that stabilized occupancy still buys a refinancing, even when the source is private credit rather than a bank.

The numbers

The release puts the new loan at $79 million against a 22-story tower that is approximately 94 percent occupied. Stewards did not disclose the senior and mezzanine tranche sizes, the rate, or the term. What is independently verifiable: Stewards took ownership of 1818 Park by acquiring its owner, Block 40, LLC, on July 11, 2025, in a stock-for-liabilities deal valued at $74.3 million, issuing 62,673,215 shares to the sellers. As part of that deal Stewards assumed a senior mortgage originally sized at $84 million that Deutsche Bank had originated in 2022 and that Blackstone later held as note holder. The company’s own SEC filing said that loan, with a balance near $73.6 million, had already reached its stated maturity as of June 2026. The $79 million refinancing appears to be the resolution of that matured loan.

What’s next

Stewards has not yet filed an 8-K disclosing the new loan’s rate or maturity, and that filing will show what the market actually priced rather than what the release announced. President Shaun Quin called the deal “another important milestone in executing our real assets strategy.” Watch Broward County official records for the recorded mortgage instrument confirming loan amount and lender of record, and watch whether Värde Partners and CCL Capital show up again on other stabilized South Florida multifamily. More at the South Florida market hub.