Commercial Observer reported that Greystone provided a $109 million agency loan to refinance the Bread Building, a 362-unit multifamily property in Downtown Hollywood, Florida. The Freddie Mac-backed financing went to a joint venture between BTI Partners and Bridge Investment Group.
Cushman & Wakefield negotiated the debt on behalf of the sponsorship, with an equity, debt and structured finance team of Chris Moyer and Chris Lentz.
What happened
BTI Partners and Bridge Investment Group acquired the site in 2021 for $11 million. The joint venture redeveloped the former office building, once the headquarters for Hollywood Bread Company, into apartments, completing the conversion project in 2025.
The 25-story property reached full occupancy in September 2026, less than a year after conversion work finished. Situated at 1770 South Young Circle between Miami and Fort Lauderdale, the Bread Building sits south of ArtsPark at Young Circle, a 10-acre recreational green space. The complex includes roughly 17,000 square feet of retail space and 478 parking spaces, alongside resident amenities including a swimming pool with cabanas, a sun deck, an outdoor kitchen, and a fitness center.
Richard Kourbage, senior managing director at Greystone, noted that the Freddie Mac Lease-Up Loan program allowed the lender to deliver a cash-out refinance with full-term interest only and a 35-year amortization schedule. Jacob Breakstone, manager of urban development at BTI, and Chris Moyer, executive managing director at Cushman & Wakefield, pointed to the rapid lease-up and local market fundamentals as drivers for the agency transaction.
What it changes for a closing
For closing teams, agency lease-up executions require careful coordination between stabilization benchmarks and agency underwriting parameters. Counsel and loan closing teams handling cash-out refinances under Freddie Mac programs must verify occupancy records and confirm that the asset meets specific lease-up guidelines following a major adaptive reuse project.
The presence of roughly 17,000 square feet of retail space alongside 362 residential units also requires commercial lease review and parking verification for the 478 parking spaces. Title and settlement teams must track the payoff of prior debt while documenting the mechanics of the cash-out proceeds and structured 35-year amortization terms.