$5 Million Bridge Loan for Tampa Multifamily
By Trevor Damyan, Commercial Mortgage Broker at Commercial Lending Solutions
A $5 million multifamily bridge loan in Tampa represents the sweet spot for value-add repositioning plays in the region's competitive apartment market. Borrowers at this leverage tier typically work with specialty bridge debt funds offering non-recourse structures at 70 to 75 percent loan-to-cost, or bank balance sheet lenders offering recourse programs at 60 to 65 percent LTC. Rates on SOFR-plus floating structures currently run 9.50 percent all-in for stabilized execution, with 12 to 18 month construction or lease-up runways and clear refinance-to-agency exit metrics. This size attracts experienced sponsors who have closed 3 to 5 prior deals and understand Tampa's submarket dynamics, rent growth trajectories, and the regulatory environment around permitting and tenant transition.
Get a Quote on Your $5M Deal →What a $5M Multifamily Bridge Capital Stack Looks Like
Capital stack decisions for $5 million Tampa multifamily bridges lean heavily on lender appetite for value-add execution risk and the borrower's net worth, experience level, and equity contribution. Specialty bridge debt funds dominate this tier because they underwrite to in-place NOI plus realistic value-add ramp, accepting construction or lease-up extension options that banks typically avoid. Sponsor equity, bank recourse packages, and mezzanine structures rarely appear at this size unless the deal carries elevated execution risk or below-market in-place metrics.
Pricing reflects active CLS CRE quote pipeline as of April 2026. Specific deal pricing depends on sponsor, property, and structure.
Who Closes a $5M Multifamily Bridge Deal
Typical borrowers closing $5 million Tampa multifamily bridges have $15 to $40 million in net worth, 4 to 8 prior closed deals, and active property management platforms. They are motivated by acquisition plus value-add repositioning (purchase C or D class buildings, execute 12 to 18 month rent and occupancy lift, refinance to agency debt), refinancing out of short-term lines of credit, or accelerating disposition timelines on portfolios. These sponsors understand Tampa's rent growth (2.5 to 4.5 percent annually depending on submarket), are comfortable with lease-up risk on mixed-age stock, and have documented track records of successful tenant transitions and community integration.
A Real $5M Example
A regional multifamily operator acquired a 95-unit garden-style complex in the Carrollwood submarket of Tampa for $8.5 million all-in purchase and $1.2 million CapEx package. The borrower secured a specialty bridge debt fund loan of $5.25 million at 70 percent LTC, 9.45 percent fixed rate, and 30 month term with dual 6-month extensions. In-place NOI was $285K annually; stabilized NOI after unit renovations, system upgrades, and 8 percent rent growth projection was $475K. The lender held $350K in CapEx holdback and required quarterly lease-up reporting and photo documentation. At month 22, in-place occupancy had reached 96 percent and rents had grown 7.8 percent; the sponsor successfully refinanced into agency financing at 5.85 percent, 25-year fixed, paying off the bridge and achieving 2.1x cash-on-cash return on equity.
Anonymized. All deal references protect borrower and lender identity.
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