The Richman Group announces the successful closing of approximately $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—a structure that serves as a strong signal of each asset’s performance, strong occupancy levels, and the quality of execution across The Richman Group’s portfolio.
“Closing approximately $225 million of permanent financing across a portfolio of 942 luxury apartment homes in three distinct communities in just four months is a meaningful accomplishment in today’s environment,” said Richard Richman, founder of The Richman Group. “Capital remains highly selective, underwriting standards are significantly tighter, and many projects across the industry are facing refinancing challenges. These closings reflect the strength and stability of our assets, our team’s ability to execute complex transactions, and our successful transition of all three communities into long-term stabilized operations.”
The Marc, Palm Beach Gardens | $107 Million | New York Life Investment Management (NYLIM): The Marc secured a $107 million permanent loan from NYLIM at a 5.87% interest rate, reflecting its first-in-class luxury offering in a submarket with a limited supply of institutional-quality vertical residential communities…