Weekly Real Estate News
Summary
Greystone and Cushman & Wakefield announced November 2, 2026, that they closed a $109.164 million Freddie Mac refinancing for the 362-unit Bread Building in Hollywood, Florida. The loan was arranged for BTI Partners and Bridge Investment Group through Freddie Mac's Lease-Up Loan program, with cash-out proceeds and full-term interest-only payments. The property reached full occupancy in September 2026. The companies did not specify the loan's legal closing date or interest rate.
A 362-apartment tower in downtown Hollywood, Florida, has secured a $109.2 million Freddie Mac refinancing after reaching full occupancy, illustrating how recently completed multifamily developments can transition from construction financing to agency-backed debt.
Greystone and Cushman & Wakefield announced the financing November 2. Greystone provided the $109,164,000 loan, which Cushman & Wakefield arranged for BTI Partners and Bridge Investment Group. The announcement was distributed at approximately 11:05 a.m. Eastern; it did not disclose the precise date or time the loan legally closed.
From development to permanent financing
The Bread Building is a 25-story residential tower at 1770 S. Young Circle, near Hollywood’s ArtsPark. It contains 362 apartments, approximately 17,000 square feet of retail space and 478 parking spaces. The owners purchased the previously vacant property in 2021, completed the residential development in late 2025 and reported reaching full occupancy in September 2026.
Greystone said the loan was originated through Freddie Mac’s Lease-Up Loan program, providing a cash-out refinance with full-term interest-only payments and a 35-year amortization provision. Those are the financing features described by the lender; the announcement does not disclose the coupon, loan maturity, proceeds returned to the owners or any separate construction-loan payoff amount.
The $109.164 million balance works out to roughly $301,600 per apartment, a simple ratio rather than a disclosed valuation or per-unit sale price. Because the property includes retail space, the ratio should not be interpreted as the financing attributable solely to each residence.
Why the deal matters for multifamily lending
For developers, a cash-out refinancing after lease-up can return some invested capital while replacing an earlier financing arrangement. Interest-only payments can reduce scheduled near-term debt service, but they do not erase principal obligations or establish how much cash flow remains after operating expenses.
The deal also demonstrates that Freddie Mac financing remains available for certain recently built properties that satisfy lender underwriting requirements. It does not establish that agency lenders are offering comparable leverage or terms across the broader multifamily market, where property performance and local supply conditions vary considerably.
Greystone described the building’s completed lease-up and South Florida location as important to the execution. The lender and arranger did not publish a property appraisal, debt-service coverage ratio, loan-to-value ratio or current rent roll in their announcement.
Primary source: Greystone and Cushman & Wakefield financing announcement, November 2, 2026.
Featured photograph: Illustrative high-rise buildings, not the Bread Building or a property owned by the borrowers. Photo: Dmytro Koplyk/Unsplash.
