$10M Bridge Loan Miami Multifamily | Commercial Lending Solutions 
Loan Size Example

$10 Million Bridge Loan for Miami Multifamily

By Trevor Damyan, Commercial Mortgage Broker at Commercial Lending Solutions

A $10 million bridge loan for multifamily in Miami typically finances a value-add acquisition or stabilization play on a 20 to 150 unit asset in core submarkets like Wynwood, Brickell, or Allapattah. Lenders in this size range split between specialty bridge debt funds offering non-recourse structures at 70 to 75 percent LTC and regional bank balance sheets providing recourse financing at 60 to 65 percent LTC. Rates float on SOFR plus 350 to 425 basis points, translating to an all-in 9.50 percent neighborhood given current index levels. Most deals carry 24 to 36 month terms with extension options, targeting a refinance into agency debt at stabilization once rents and occupancy normalize.

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Capital Stack

What a $10M Multifamily Bridge Capital Stack Looks Like

The $10 million bridge market in Miami is dominated by specialty debt funds seeking performing or near-performing multifamily assets with clear exit mechanics. Sponsor quality, market position, and exit cap assumptions drive lender selection more than loan amount alone; a fund will price aggressively for a repeat sponsor with a track record in Miami value-add, while a regional bank may require tighter leverage and recourse for a first-time bridge borrower.

Capital Source Rate / Cost Size / LTV Notes
Specialty bridge debt fund SOFR + 375 to 425 bps, all-in 9.50 to 10.00 percent $7.0M to $7.5M at 70 to 75 percent LTC Non-recourse or limited recourse; 24 to 36 month term; exit cap of 5.50 to 6.50 percent; prefers stabilized or near-stabilized; fast close (20 to 30 days)
Regional bank balance sheet SOFR + 325 to 375 bps, all-in 9.00 to 9.50 percent $6.0M to $6.5M at 60 to 65 percent LTC Full recourse to sponsor; 24 to 36 month term with one 12 month extension option; requires personal guarantee; standard underwriting (35 to 45 days)
Life company or insurance-backed lender Fixed 8.75 to 9.50 percent or SOFR + 300 to 375 bps $8.0M to $9.0M at 65 to 70 percent LTC Recourse; longer 36 month initial term with flexibility; prefers assets with strong in-place cash flow and modest value-add; slower closing (45 to 60 days)
Mezzanine or preferred equity co-investor 12 to 15 percent IRR target or 10 to 12 percent preferred return $1.5M to $2.5M at 15 to 25 percent of total capital stack Equity cushion between first mortgage and sponsor capital; used when LTC on senior debt is conservative; common for larger or higher-risk value-add plays

Pricing reflects active CLS CRE quote pipeline as of April 2026. Specific deal pricing depends on sponsor, property, and structure.

Sponsor Profile

Who Closes a $10M Multifamily Bridge Deal

The typical $10 million bridge borrower in Miami has $5 to $15 million in net worth, a minimum of three to five completed multifamily value-add or repositioning transactions, and a track record closing deals in Miami or similar Sunbelt markets. Sponsors are often former property managers, operators, or syndicators pivoting to bridge financing to accelerate acquisitions, refinance maturing loans, or capitalize on market dislocations. Lenders value repeat borrowers who have exited a prior bridge into agency financing and can demonstrate 18 to 24 months of operational history on prior projects.

From the CLS CRE Pipeline

A Real $10M Example

A CLS client acquired a 68 unit multifamily asset in Midtown Miami in late 2024 using a $7.2 million bridge from a specialty debt fund at 9.65 percent on a 70 percent LTC structure. The property was 78 percent occupied at closing with average rents 12 to 15 percent below market; the sponsor budgeted $420,000 in unit-level and common area CapEx over a 20 month hold. The debt fund underwrote stabilized NOI at $890,000 (against in-place NOI of $560,000) and set an exit cap of 6.25 percent, modeling a refinance into a 10 year agency loan in month 22. The deal closed in 26 days, and the sponsor successfully stabilized and exited into agency financing at 6.00 percent in month 23, locking in long-term leverage at favorable rates.

Anonymized. All deal references protect borrower and lender identity.

FAQ

$10M Bridge Loan Miami Multifamily FAQ

Most specialty debt funds accept 70 to 85 percent occupancy and in-place NOI at 60 to 75 percent of stabilized NOI on a value-add deal. Regional banks prefer 85 percent-plus occupancy and higher cash flow coverage. Lenders use a stabilized rent assumption (typically market rent minus 2 to 5 percent) and stabilized occupancy of 92 to 95 percent to model exit refinance capacity.
Value-add multifamily typically budgets $3,000 to $6,000 per unit in total CapEx spread over 18 to 30 months. For a 60 unit property, that is $180,000 to $360,000; lenders require a detailed scope and will often require a reserve account or holdback. CapEx prioritization (unit interiors, amenities, roof, mechanical) and the quality of the existing systems drive lender comfort with budget and timeline.
Current market exit caps for agency multifamily refinances in Miami run 5.50 to 6.50 percent depending on property quality, location, and 10 year rate assumptions. Sponsors should model conservatively at 6.00 to 6.25 percent to protect against rate rises or market softening. Lenders will stress test the exit cap to 6.50 to 7.00 percent to ensure the deal still pencils.
Specialty debt funds typically offer non-recourse or limited recourse (recourse only for bad acts or misrepresentation) structures. Regional banks and life companies require full recourse to the sponsor and often a personal guarantee of 25 to 100 percent of the loan amount. Recourse is a key negotiation point and affects pricing; sponsors with strong net worth can often negotiate recourse carveouts after stabilization.
Specialty debt funds close in 20 to 35 days with faster underwriting and pre-set approval criteria. Regional banks and insurance lenders typically take 35 to 60 days due to standard bank underwriting and board approvals. Commercial Lending Solutions coordinates appraisals, environmental reports, and sponsor documents to ensure a smooth, on-time close.


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