What's Happening?
Cushman & Wakefield, a global real estate services firm, in collaboration with Greystone, a national commercial real estate finance company, has successfully closed a $109.2 million Freddie Mac loan. This financing is for The Bread Building, a multifamily
property situated in downtown Hollywood, Florida. Cushman & Wakefield's Equity, Debt & Structured Finance team, including Chris Moyer and Chris Lentz, arranged the financing, while Greystone's Richard Kourbage, Gillian McIIroy, and Zach Shabinsky provided the Freddie Mac loan. The transaction was executed on behalf of borrowers BTI Partners and Bridge Investment Group. The Bread Building, a 25-story structure, features 362 residential units, approximately 17,000 square feet of retail space, and 478 parking spaces. Construction was completed in late 2025, achieving full occupancy by September 2026. The property offers various amenities such as a swimming pool with cabanas, an expansive sun deck, an outdoor kitchen, a fitness center, and resident gathering spaces.
Why It's Important?
This significant financing deal underscores the continued demand for luxury multifamily housing in South Florida, particularly in dynamic residential markets like Hollywood. The successful lease-up and refinancing of The Bread Building highlight the region's robust real estate market and its attractiveness to investors and developers. For Cushman & Wakefield and Greystone, this transaction reinforces their positions as key players in commercial real estate financing, demonstrating their ability to secure substantial loans for large-scale residential projects. The use of Freddie Mac's Lease-Up Loan program, which provided a cash-out refinance, full-term interest-only payments, and a 35-year amortization, offers a flexible and advantageous solution for the borrowers. This type of financing supports the long-term success of such properties and contributes to the ongoing urban development and revitalization efforts in downtown Hollywood.
What's Next?
The successful refinancing of The Bread Building is expected to support its long-term financial stability and continued operation as a luxury multifamily property. The strong market fundamentals in downtown Hollywood suggest sustained demand for high-quality residential living, which could encourage further investment and development in the area. For BTI Partners and Bridge Investment Group, this refinancing marks another significant milestone for the project, reinforcing their confidence in Hollywood's growth potential. The collaboration between Cushman & Wakefield and Greystone on this transaction may lead to future partnerships on similar large-scale real estate projects, particularly in regions experiencing high demand for residential and mixed-use developments. The continued success of such projects will likely contribute to the economic vitality of South Florida's real estate sector.
Beyond the Headlines
The financing of The Bread Building reflects a broader trend in urban development where older, vacant structures are redeveloped into modern residential and mixed-use properties. This transformation not only revitalizes urban cores but also addresses the evolving housing needs of a growing population. The emphasis on luxury amenities and prime locations indicates a market shift towards higher-end living experiences, catering to residents seeking convenience, comfort, and access to urban centers. Furthermore, the involvement of government-sponsored enterprises like Freddie Mac in providing financing highlights their role in supporting the housing market and ensuring liquidity for significant real estate projects. This project also exemplifies how strategic partnerships between real estate services firms and finance companies can navigate complex market conditions to deliver successful outcomes for developers and investors.
