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 construction and refinancing loans push multifamily activity in South Florida and nationwide
Lenders and investment vehicles have moved decisively into multifamily lending this spring with three notable actions: a national capital raise to back construction loans up to $1 billion, a large refinance of a 288-unit South Florida apartment complex for $58.3 million, and a $111.25 million construction loan for a 26-story Brickell tower. These transactions signal greater private credit activity in construction and refinancing as traditional banks step back from some construction exposure.
Top line: new construction capital, a suburban refinance, and a downtown high-rise loan
A mortgage trust and its affiliated capital platform announced fresh capital to originate construction loans for multifamily projects across the United States, with planned originations in sizes from $30 million to $200 million and proceeds available at up to 80 percent loan-to-cost. The program aims to expand an existing servicing footprint that already exceeds $13 billion and builds on roughly $3 billion of loans closed so far this year.
Separately, owners of a 288-unit suburban Miami-area complex completed a $58.3 million refinance. The loan is a seven-year floating-rate facility backed by a government-sponsored entity and was arranged by a capital markets team. The property was originally acquired in 2021 and consists of 12 three-story buildings with one- to three-bedroom apartments and common amenities that include a pool and fitness space.
In downtown Miami’s Brickell neighborhood, a developer secured a $111.25 million construction loan from a major investment bank to build a 26-story tower with 310 units, roughly 380 parking spaces, and more than 2,000 square feet of retail. The project team includes a local general contractor and a design firm; the developer expects to start work in summer with delivery slated for 2027.
Details on the national construction program
The capital raise will support construction loans targeted at seasoned sponsors with clear exit plans. Loan sizing will focus mostly on projects that fit within the stated range of $30 million to $200 million, and loan structures will feature floating interest rates that reflect property strength, sponsor track record, and project strategy. The platform will continue to pursue loans in major U.S. multifamily markets and will consider exits that include insured HUD and agency programs.
Observers note that banks have curtailed construction lending as regulatory capital requirements and shifting risk appetites have reduced their willingness to hold such exposure. The new private capital aims to fill gaps left by banks, offering higher loan-to-cost terms and flexible structures to experienced developers.
Olivia refinance: suburban demand and financial terms
The 288-unit property, located roughly 38 miles south of a major beachfront destination on a suburban corridor near the Florida Keys, was refinanced with a seven-year floating-rate loan that carries a government-sponsored enterprise backing. The ownership group bought the asset in 2021 for about $71 million and has focused on positioning the complex at a mid-market price point for the local renter base. The property includes standard multifamily amenities and sits on a single address in Homestead.
The Perrin: a downtown tower moves toward construction
The Brickell tower will rise 26 stories at a central downtown address and deliver 310 units across studio to three-bedroom plans, a rooftop garden, wellness spaces, coworking areas, and retail at the ground level. The developer acquired the one-acre site in 2023 for just over $21 million. The construction lender committed a seven-figure facility sized at $111.25 million, and a capital markets broker managed the financing placement to secure the commitment.
The developer has recent construction momentum in the region, having closed a separate, smaller construction loan in March for an eight-story, 85-unit project that has already broken ground. The timing of the Brickell tower was pushed back from original plans due to permitting delays; the current schedule targets a summer start and a completion year of 2027.
What this means for the market
These moves show private credit providers and institutional investors are increasing their footprint in multifamily development and refinancing. For builders and sponsors, the availability of non-bank construction capital at competitive loan-to-cost levels can make stalled or large-scale projects feasible. For renters and local markets, continued construction and refinancing activity supports housing delivery and property upgrades in both urban cores and suburban corridors.
FAQ
Q: What is the scale of the new national construction lending program?
A: The program announced fresh capital to originate up to $1 billion in construction loans, targeting individual loans between $30 million and $200 million and offering proceeds up to 80 percent of project cost.
Q: What are the key terms of the suburban refinance?
A: The refinance covers a 288-unit complex for $58.3 million using a seven-year floating-rate loan with government-sponsored enterprise backing.
Q: What does the downtown construction loan fund?
A: The $111.25 million loan supports a 26-story, 310-unit tower in a central financial district, including parking, retail space, and public amenities like rooftop and wellness areas.
Q: Why are private lenders stepping in now?
A: Many banks have pulled back from construction lending because of tighter capital rules and lower risk tolerance, creating room for private capital to finance projects with clear exits and experienced sponsors.
Q: How might this affect housing delivery?
A: Increased private lending can speed construction starts and refinancing, helping move projects forward and adding supply in both urban and suburban markets.
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Key features at a glance
| Project / Program | Location | Loan Amount | Units / Size | Term / Structure |
|---|---|---|---|---|
| National construction lending program | Nationwide | Up to $1 billion | Target loans $30M to $200M each | Up to 80% loan-to-cost, floating rates |
| The Olivia refinance | Homestead, South Florida | $58.3 million | 288 units across 12 three-story buildings | Seven-year floating-rate loan, agency-backed |
| The Perrin construction loan | Brickell, downtown Miami | $111.25 million | 310 units, 26 stories, ~380 parking spaces | Construction funding; start targeted in summer, delivery 2027 |
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 FL News
FLORIDA STAFF WRITER The FLORIDA STAFF WRITER represents the experienced team at constructionflnews.com, your go-to source for actionable local news and information in Florida 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 Florida Build Expo, major infrastructure projects, and advancements in construction technology showcases. Our coverage extends to key organizations like the Associated Builders and Contractors of Florida and the Florida Home Builders Association, plus leading businesses in construction and legal services that power the local economy such as CMiC Global and Shutts & Bowen LLP. As part of the broader network, including constructioncanews.com, constructionnynews.com, and constructiontxnews.com, we provide comprehensive, credible insights into the dynamic construction landscape across multiple states.
