$15M Multifamily Acquisition Miami | Commercial Lending Solutions 
Loan Size Example

$15 Million Multifamily Acquisition in Miami

By Trevor Damyan, Commercial Mortgage Broker at Commercial Lending Solutions

A $15 million multifamily acquisition in Miami represents the sweet spot for agency execution and life company participation. In Miami's competitive market, this loan size typically finances a well-stabilized garden or mid-rise apartment asset in submarkets like Wynwood, Buena Vista, or Allapattah, where cap rates cluster around 5.50 to 6.25 percent. Lenders at this tier prioritize strong sponsor track records and conservative underwriting, with leverage capping out around 70 to 75 percent LTV given Miami's elevated property values and competitive bidding environment. Rates for $15 million permanent multifamily loans currently sit around 6.10 percent on a 10-year Treasury basis, reflecting agency pricing and moderate credit spreads.

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Capital Stack

What a $15M Multifamily Acquisition Capital Stack Looks Like

At $15 million, agency DUS programs and life company balance sheets dominate the Miami multifamily market. The choice between Freddie Mac standard DUS, Fannie Mae standard DUS, or a life company depends primarily on the sponsor's equity position, desired leverage, and appetite for recourse versus non-recourse structures. Life companies often compete more aggressively on larger tickets and deeper leverage, while agencies offer faster closings and lower fees for moderately leveraged, well-documented assets.

Capital Source Rate / Cost Size / LTV Notes
Regional or national life company 6.10 to 6.35 percent $9.75M to $10.5M at 65 to 70 percent LTV Balance sheet lender; typically offers non-recourse or limited recourse; 30-year amortization; interest-only period of 0 to 3 years negotiable. Appetite for value-add and repositioning stories.
Freddie Mac DUS program 6.10 to 6.25 percent $10.5M to $11.25M at 70 to 75 percent LTV Agency execution; 30-year amortization; 5-year rate lock with prepayment penalty; full recourse to sponsor; 10 to 12 week closing timeline. Strong credit box requirement.
Fannie Mae DUS program 6.05 to 6.20 percent $10.5M to $11.25M at 70 to 75 percent LTV Agency execution; 30-year amortization; flexible prepayment structure; recourse requirement; typically 12 to 14 week closing. Competitive pricing on well-underwritten assets.
Regional bank balance sheet 6.25 to 6.50 percent $7.5M to $10.5M at 60 to 70 percent LTV Faster decision-making and flexibility on structure; recourse typical; may require liquidity reserves; 8 to 10 week closing. More responsive to relationship borrowers.

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 $15M Multifamily Acquisition Deal

The typical sponsor for a $15 million Miami multifamily acquisition is an experienced local or regional operator with at least three to five stabilized assets in the portfolio and $5 million to $8 million in liquid net worth. These sponsors often have deep roots in the Miami submarket and understand neighborhood dynamics, tenant demographics, and value-add opportunities in emerging corridors. Motivations range from opportunistic acquisitions in undervalued neighborhoods to refinances of maturing debt on existing portfolios, with many sponsors targeting 5 to 7 year hold periods and 15 to 25 percent equity returns.

From the CLS CRE Pipeline

A Real $15M Example

CLS CRE closed a $14.8 million agency DUS loan for a 156-unit garden apartment in Miami in early 2024, financing a client's acquisition of a 1990s era property in Wynwood. The borrower put down $4.5 million equity for a 73 percent LTV, locked 6.08 percent for 10 years with a 30-year amortization and a 5-year prepayment lock, and received full agency execution within 11 weeks. The sponsor had successfully stabilized two similar assets in the market and demonstrated strong operational capability, which helped overcome the lender's initial concerns about the property's deferred maintenance and aging systems. The asset has since appreciated substantially due to neighborhood appreciation and modest unit-level rent growth.

Anonymized. All deal references protect borrower and lender identity.

FAQ

$15M Multifamily Acquisition Miami FAQ

Leverage ranges from 65 to 75 percent LTV depending on the lender, property quality, and sponsor profile. Life companies and agency DUS programs typically max out around 70 to 75 percent, while banks may go slightly lower at 60 to 70 percent if the deal carries higher execution risk. Miami's rising property values and competitive acquisition environment have compressed loan-to-values across all lenders compared to 2023.
Agency DUS wins if you want speed, certainty, and lower all-in costs on a stabilized asset with strong sponsorship. A life company wins if you need deeper leverage, interest-only flexibility, or non-recourse execution, or if you are executing a repositioning or value-add strategy. Rate spreads favor agencies by 15 to 20 basis points on pricing, but life companies close faster on certain deal types and offer less onerous loan covenants.
Rates are clustering around 6.10 percent for agency execution and 6.10 to 6.35 percent for life company balance sheet loans, reflecting the current 10-year Treasury level and modest credit spreads. Bank loans typically come in 15 to 40 basis points higher due to shorter loan durations and tighter spreads. Rate locks are standard across all products and typically hold for 45 to 60 days depending on lender.
Agency lenders require full personal recourse from all principals with net worth above a defined threshold, usually 20 to 25 percent of the loan amount. Life companies often negotiate limited recourse or non-recourse structures in exchange for lower leverage or higher rates, particularly for experienced sponsors. Banks almost always require full recourse and frequently ask for pledge of additional collateral or liquidity reserves at 6 to 12 months of debt service.
Agency DUS programs typically close in 10 to 12 weeks from application to funding, provided the borrower delivers clean financial documentation and the asset appraisals cleanly. Life company loans close in 8 to 10 weeks if the deal is pre-underwritten and the sponsor is known to the lender. Bank loans can move in 6 to 8 weeks but often require additional diligence on cash flow and operational metrics, so total timeline depends heavily on application completeness.


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