$15 Million Multifamily Refinance in Miami
By Trevor Damyan, Commercial Mortgage Broker at Commercial Lending Solutions
A $15 million multifamily refinance in Miami sits at the sweet spot where agency lending dominates execution and borrowers can access efficient, long-term fixed-rate capital. Miami's multifamily market remains competitive, with Class B and C garden apartments trading at cap rates in the 5.5 to 6.5 percent range, making rate-and-term refinances and partial cash-out scenarios attractive for sponsors looking to optimize their capital stack. At this size, a regional bank or life company can execute efficiently, with rates clustering around 5.70 percent on a 10-year fixed structure, provided the property demonstrates solid fundamentals and the borrower brings meaningful liquidity. Most Miami multifamily refinances at this level pull 60 to 70 percent LTV, leaving room for sponsor equity and future repositioning.
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Freddie Mac standard DUS and Fannie Mae DUS Small dominate this loan size in Miami, though a life company becomes a viable alternative if leverage runs light (55 to 65 percent LTV) or if the borrower prefers balance-sheet certainty over agency execution. Sponsor experience and property profile typically drive the choice: an agency product wins on rate and term flexibility, while a life company wins on speed and underwriting pragmatism when stabilized assets need fast execution.
Pricing reflects active CLS CRE quote pipeline as of April 2026. Specific deal pricing depends on sponsor, property, and structure.
Who Closes a $15M Multifamily Refinance Deal
The typical borrower for a $15 million Miami multifamily refinance has $75 million to $200 million in total real estate holdings, 15 to 30 years of multifamily experience, and a track record of 8 to 15 closed transactions in the Southeast or South Florida region. These sponsors usually carry a 1.15 to 1.35 DSCR on their portfolio and are refinancing to lock in rate certainty, extract equity for acquisition or capital improvements, or lengthen maturity dates as existing loans approach end-of-term. They typically operate their own assets or partner with a property manager tied to the multifamily space, and they view Miami as a stable, supply-constrained market with consistent rent growth and demographic tailwinds.
A Real $15M Example
We closed a 198-unit garden apartment in the Midtown submarket of Miami on a $12.8 million agency DUS refi at 5.72 percent on a 10-year fixed, 70 percent LTV basis. The property was built in 1998, trading at a 5.95 percent cap rate, with strong rent growth and 93 percent occupancy. The borrower, a repeat sponsor with six prior transactions in the market, wanted to lock in 10-year fixed rate while extracting $2.1 million in cash to fund a lobby and common-area upgrade. We executed with an agency lender in 38 days, and the sponsor closed with a 5-year IO period and a 1.23x DSCR covenant. The exit was clean and the borrower immediately reinvested the cash-out proceeds into unit renovations, positioning the property for 6 to 8 percent annual rent growth over the hold period.
Anonymized. All deal references protect borrower and lender identity.
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