Capital & Deals / Miami
One of the year's larger Edgewater multifamily financings sends a 36-story tower toward a 2028 delivery.
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TOPIC / CAPITAL MARKETS / 15 STORIES
Capital Markets & Debt
Rates, the maturity wall, cap rates, and where transaction volume is unfreezing. The lens every development decision is read through.
Every development decision runs through capital markets: the cost of debt, how much a loan will size, where cap rates sit, and whether there is a buyer. When those freeze, deals stop; when they thaw, the pipeline moves.
The defining pressure now is a concentrated wave of loan maturities refinancing into higher rates, set against a large pool of dry powder waiting for pricing to clear. The gap between the two is where distress, and opportunity, live.
This hub follows the money: rate moves, the maturity wall, cap-rate shifts, lending capacity, and the deals that signal where transaction volume returns first.
Go deeper: read the guide.
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Frequently asked
- What is unfreezing commercial real estate transaction volume?
- Transactions restart when buyers and sellers agree on price. That happens as interest-rate expectations stabilize, as forced sellers, borrowers facing maturities, bring assets to market, and as record dry powder pressures investors to deploy. Volume tends to return first in sectors and markets where distress creates clear pricing.
- How do higher rates change what a developer can borrow?
- Higher rates raise the cost of debt and lower how much a loan will size, because lenders underwrite to a debt-service coverage ratio. The same asset supports a smaller loan than it did at lower rates, so borrowers must contribute more equity or accept lower leverage. That reprices deals across the board.
- What is dry powder and why does it matter?
- Dry powder is committed capital that funds have raised but not yet invested. Large amounts of it are waiting on the sidelines for pricing to clear. It matters because it is a coiled spring: when values reset far enough, that capital deploys quickly, which supports pricing and reopens transaction markets.