The Real Deal Miami

Multi-family deals getting done

July 01, 2011 10:56AM

The South Florida multi-family market has been seeing increased activity
of late, with more deals getting done and an increase in available
capital sources. One recent example was the Wilton Tower Apartments in
Wilton Manors, which recently saw its buyer close on an $8.5 million
mortgage. “The structured lenders are financing today based on
tomorrow’s rent and rent growth, and that has created a very competitive
market for all the lenders,” said Charles Foschini of CB Richard Ellis’
Debt & Equity Finance and Institutional Group in Miami. “The
agencies, however, are backed by government credit and as a result
continue to be more aggressive than any other market rate leader.” [GlobeSt]