The Richman Group closed on $225 million in permanent financing across three fully stabilized Florida luxury multifamily communities–each in excess of their original construction loans. The refinancing deals, totaling $107 million for The Marc in Palm Beach Gardens, $72.5 million for Everly in Naples, and $45.5 million for Vista Sur in South Miami, carry a 10-year term with a five-year interest-only period. The financing covered a portfolio of 942 apartments. which included:
- The Marc, Palm Beach Gardens (shown) | $107 Million | New York Life Investment Management (NYLIM):Â The Marc secured a $107 million permanent loan from NYLIM at a 5.87% interest rate.Â
- Everly, Naples | $72.5 Million | New York Life Investment Management (NYLIM): Everly secured a $72.5 million permanent loan from NYLIM at a 5.74% interest rate. 320-units.
- Vista Sur, South Miami | $45.5 Million | Reinsurance Group of America, Incorporated: Vista Sur secured a $45.5 million permanent loan from Reinsurance Group of America, Incorporated at a 6.15% interest rate. 226-units,
The post Richman Group Secures Refis on Three Florida Rental Assets appeared first on Connect CRE.
​Â
