$25 Million Multifamily Refinance in Miami
By Trevor Damyan, Commercial Mortgage Broker at Commercial Lending Solutions
A $25 million multifamily refinance in Miami represents a meaningful institutional trade in South Florida's competitive rental market, where rental growth and occupancy strength have created refinance windows for stabilized asset holders. At this loan size, borrowers access a mix of agency and life company capital, typically pricing between 5.65 to 5.85 percent on a 10-year fixed term. Miami's strong multifamily fundamentals, driven by continued migration and limited new supply in core submarkets, support conservative leverage structures and healthy debt service coverage ratios that appeal to permanent lenders. The Miami market has seen sustained pricing for well-positioned Class A and Class B properties, making refinances particularly attractive for borrowers looking to lock in rates and extend duration.
Get a Quote on Your $25M Deal →What a $25M Multifamily Refinance Capital Stack Looks Like
At the $25 million mark, life companies and agency DUS lenders dominate execution, with life companies typically carrying 55 to 65 percent of the loan amount while sponsors retain meaningful equity. Lender selection depends on property quality, sponsor experience, and desired leverage: agency DUS programs offer tighter pricing and faster execution for strong sponsors, while life companies provide flexibility on recourse structure and interest-only periods. In Miami's market, sponsors often layer agency debt with an equity component or secondary financing when pursuing aggressive value-add plays, though straight refinances lean toward agency or single life company structures.
Pricing reflects active CLS CRE quote pipeline as of April 2026. Specific deal pricing depends on sponsor, property, and structure.
Who Closes a $25M Multifamily Refinance Deal
Typical sponsors at this loan size are experienced multifamily operators with $200 million to $1 billion-plus in AUM, holding a portfolio of 5 to 20 stabilized properties across multiple markets. They have completed multiple refinances and value-add acquisitions, with strong credit histories and track records of stable operations and timely debt service. Motivations for refinancing include extending maturities from loans originated in 2019 to 2021, capturing equity through rent growth, repositioning capital toward acquisition opportunities, or optimizing capital structures in the face of higher interest rate environments.
A Real $25M Example
A 280-unit Class B garden-style multifamily property in the Wynwood submarket of Miami was refinanced at $24.2 million with a life company lender at 5.72 percent fixed for 10 years, achieving 62 percent LTV and 1.48x DSCR. The property had stabilized at 96 percent occupancy with average rents of $1,850 per unit and strong year-over-year rent growth of 6 to 7 percent. The sponsor, a 12-property operator based in South Florida, structured the deal with a 2-year interest-only period to preserve cash flow for minor capital improvements and deferred maintenance. The loan closed in 72 days with non-recourse structure and achieved the sponsor's goal of extending maturity by 10 years and freeing $3.8 million in equity for a follow-on acquisition.
Anonymized. All deal references protect borrower and lender identity.
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