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Richman Group lands $225M loan to refinance 942-unit South Florida complex

The three loans, totaling $225.0 million, carry 10-year terms with a five-year interest-only period and rates from 5.8% to 6.1%.

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Richman Group, an $18.5 billion asset manager, has secured $225 million in permanent financing to refinance three stabilized luxury multifamily properties across South Florida with a combined 942 units, Commercial Observer reports.

New York Life Investment Management provided $107 million for the Marc Apartments, a 396-unit property in Palm Beach Gardens that opened in December 2024, and $72.5 million for the Everly Apartments, a 320-unit community in Naples that opened in early 2024.

Reinsurance Group of America supplied $45.5 million for Vista Sur Apartments, an eight-story, 226-unit multifamily building in Naranja that opened in 2024.

Each of the loans has a 10-year term with a five-year interest-only period, with interest rates ranging from 5.8% to 6.1%, and Richman founder Richard Richman said the financings were closed in four months despite tighter capital and higher underwriting standards.

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