$25M Bridge Loan Miami Multifamily | Commercial Lending Solutions 
Loan Size Example

$25 Million Bridge Loan for Miami Multifamily

By Trevor Damyan, Commercial Mortgage Broker at Commercial Lending Solutions

A $25 million bridge loan for multifamily in Miami targets value-add and repositioning plays where sponsors need 24 to 36 month execution windows to stabilize occupancy, execute capital improvements, or reposition rent rolls before refinancing into agency debt. At this loan size, Miami's competitive multifamily market attracts specialty debt funds offering non-recourse structures at 70 to 75 percent LTC, as well as bank balance sheet programs priced at 60 to 65 percent LTC with recourse provisions. Rates on SOFR-based floating structures typically range from 8.75 to 9.50 percent depending on lender profile, deal risk, and market conditions. Sponsors favoring maximum leverage and non-recourse protection generally gravitate toward debt funds, while those prioritizing speed of close and relationship pricing may opt for regional bank programs.

Get a Quote on Your $25M Deal →
Capital Stack

What a $25M Multifamily Bridge Capital Stack Looks Like

Capital stack composition for $25 million Miami multifamily bridge loans typically centers on a single institutional source, with specialty debt funds commanding the majority of deals at this ticket size due to their appetite for non-recourse structures and comfort with value-add execution risk. Regional banks and balance sheet lenders remain active but generally compete on pricing and speed rather than on leverage, and are often selected by sponsors with existing banking relationships or those seeking recourse-lite terms in exchange for lower rates.

Capital Source Rate / Cost Size / LTV Notes
Specialty bridge debt fund SOFR plus 375 to 450 basis points (approximately 8.75 to 9.50 percent all-in) $17.5M to $18.75M (70 to 75 percent LTC) Non-recourse, 24 to 36 month term with one to two year extension options, exit cap 6.00 to 6.75 percent to agency refinance, tight financial covenants tied to stabilized NOI ramp
Regional bank balance sheet program Prime plus 300 to 375 basis points (approximately 8.50 to 9.25 percent all-in) $15M to $16.25M (60 to 65 percent LTC) Full recourse or limited recourse with guarantor net worth requirement, 24 to 36 month term, faster underwriting and funding timeline, preference for sponsorships with prior Miami multifamily track record
Mezzanine equity or co-lender partnership (optional) 12 to 15 percent IRR target on junior capital $5M to $7.5M (preferred equity or junior debt) Brought in by sponsors seeking to increase leverage beyond senior lender's LTC cap while maintaining execution flexibility, common in high-basis properties or extended value-add timelines

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 $25M Multifamily Bridge Deal

Typical sponsors at the $25 million bridge ticket in Miami are established multifamily operators with $100 million to $500 million in total assets under management, prior experience closing three to five bridge or agency deals, and a demonstrated track record in Southeast markets. Primary motivations include acquisition of off-market or distressed multifamily assets in supply-constrained Miami submarkets (Wynwood, Allapattah, Little Havana, Brickell), recapitalization of existing stabilized portfolios to fund other initiatives, or execution of comprehensive value-add programs including unit renovations, rent-roll repositioning, and amenity upgrades. These sponsors typically carry net worth of $10 million to $50 million, with personal liquidity sufficient to cover 10 to 20 percent equity contribution and hold a 15 to 25 percent reserve for construction overruns or extended hold periods.

From the CLS CRE Pipeline

A Real $25M Example

CLS CRE closed a $24.8 million bridge facility for a 156-unit garden-style multifamily asset in the Wynwood submarket targeting 65 percent LTC at 9.15 percent all-in rate from a specialty debt fund. The sponsor acquired the property at an in-place 4.8 percent cap rate with 72 percent occupancy and committed to a $2.1 million capital plan focused on unit interiors, common area upgrades, and rent roll normalization over a 30-month term. The lender required an 6.25 percent exit cap tied to agency refinance at stabilized occupancy (92 percent) and income levels, with monthly financial reporting and a debt service reserve account funded at 6 months. The sponsor successfully executed the value-add business plan, achieved 94 percent occupancy within 28 months, and refinanced into a 10-year agency fixed-rate loan at 5.87 percent, generating a 24 basis point savings against the exit cap and clearing the bridge facility 4 months early.

Anonymized. All deal references protect borrower and lender identity.

FAQ

$25M Bridge Loan Miami Multifamily FAQ

Specialty debt funds typically underwrite to in-place occupancy of 65 to 80 percent and stabilized occupancy targets of 90 to 95 percent, with stabilized NOI margins of 35 to 42 percent. In-place NOI is usually deferenced at 5 to 15 percent of the stabilized projection to reflect execution risk, and the lender will require detailed operating comparables and comp rent surveys to validate rent-up assumptions. If in-place occupancy is below 65 percent, expect higher leverage haircuts (5 to 10 point LTC reduction) or inclusion of a mezzanine layer to manage lender risk.
CapEx budgets typically range from $7,000 to $15,000 per unit, or $1.1 million to $2.3 million total for a 156-unit asset, depending on property condition and rent-up strategy. Unit renovation, parking and landscape upgrades, and new amenities (fitness center, pool refresh, co-working space) are standard line items. Lenders will require a detailed CapEx schedule with general contractor estimates and will fund disbursements only against lien waivers and proof of completion, often holding back 10 percent retainage until final burndown.
Specialty debt funds typically offer full non-recourse terms with the exception of carve-outs for fraud, misappropriation of funds, and material breach of loan covenants. Regional banks usually require full personal recourse from the sponsor and a net worth guarantee, though some will negotiate limited recourse with minimum sponsor liquidity and net worth thresholds of $5 million to $15 million. Bank recourse programs trade leverage for reduced rates (25 to 50 basis points cheaper) and faster closing timelines.
Lenders typically set an exit cap of 100 to 150 basis points below the current all-in bridge rate, ranging from 6.50 to 7.50 percent for a $25M Miami deal originated at 9.00 to 9.25 percent. The refinance timeline is usually tied to stabilization milestones (occupancy above 92 percent, NOI within 5 percent of projection) and a 90 to 120 day pre-payoff notice. Sponsors should model agency refinance conservatively and have a backup bridge provider identified in case agency conduit closings slip beyond the exit cap expiration.
Miami multifamily debt funds and banks favor sponsors with prior closings in South Florida, view supply-constrained Wynwood, Allapattah, and Little Havana as lower-risk value-add targets than saturated submarkets, and often require higher reserves and holdback reserves for deals with extended rent-up timelines. Deals with mixed-income or significant affordable unit concentrations may face 2 to 5 point LTC compression depending on lender policy. Additionally, lenders will closely scrutinize insurance and HOA costs for condo or association-governed assets, and may require title and property condition due diligence more stringent than typical because of Florida's prior market cycles and litigation environment.


Get a Quote on Your $25M Deal

Tell us about your transaction. We will run it past lenders that actively fund this size and product type and send back terms within 48 hours.

Apply for Financing →
Or call us: 310.708.0690

Weekly Market Intelligence

Rate updates, deal insights, and capital markets analysis. One email per week. Unsubscribe anytime.

No spam. No selling your data. Just market intelligence from a working broker.

Need financing? Apply in 2 minutes. Response within 24 hours.
Apply Now →
📈

Before You Go…

Get matched with the right lender from our network of 1,000+ capital sources.

Or call us: 310.708.0690

No spam. Unsubscribe anytime.