The Richman Group closed $225 million in permanent financing this week to refinance three stabilized South Florida multifamily properties totaling 942 units, all of them delivered in 2024 and now fully leased. New York Life Investment Management provided $107 million to refinance the 396-unit Marc Apartments in Palm Beach Gardens and $72.5 million for the 320-unit Everly Apartments in Naples, while Reinsurance Group of America supplied $45.5 million for the 226-unit Vista Sur Apartments in Naranja. Each loan carries a 10-year term with a five-year interest-only period, at rates between 5.8% and 6.1%.
Richard Richman, the firm’s founder, framed the achievement in terms of timing as much as terms. “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,” he said, noting the firm closed all three loans within four months in a lending environment where capital remains constrained and underwriting standards have tightened industrywide.
Roughly two weeks earlier, a different part of the same company was making a very different kind of move. Richman Group President Kristin Miller filed plans with the New York City Department of Buildings for an 828-unit residential building at 243 East 125th Street in East Harlem, developed in joint venture with Monadnock Development. The filing describes a 14-story, mixed-use tower spanning 648,000 square feet of residential space, 82,000 square feet of commercial space and a 10,700-square-foot community facility, designed by S9 Architecture’s Paul Carr, with construction expected to begin in early 2027. Notably, the unit count itself has been a source of some confusion: several outlets initially reported 420 units based on early briefings, while the formal DOB filing shows 828, nearly double the earlier figure…