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Richman Group completes $225 million refinancing for Florida multifamily
The permanent financing totals $225 million and includes a 10-year term with a five-year interest-only period, covering 942 apartments across three stabilized properties.
The Richman Group has closed on $225 million in permanent financing for three fully stabilized Florida luxury multifamily communities, with each refinancing deal exceeding the properties original construction loan balances, according to ConnectCRE.
The refinancing covers The Marc in Palm Beach Gardens for $107 million, Everly in Naples for $72.5 million, and Vista Sur in South Miami for $45.5 million.
The deals carry a 10-year term with a five-year interest-only period and provide financing for a combined total of 942 apartments, per ConnectCRE.