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Multifamily Financing / ANALYSIS

Hollywood’s Bread Building Secures $109.2 Million Refinance After Lease-Up

The agency loan gives a newly completed downtown apartment tower a financing milestone tied to demonstrated occupancy.

Maya BennettCapital MarketsNovember 4, 2026 · 2 min read
Young Circle Park in Hollywood, photographed November 4, 2018. Neighborhood context; this image does not show the completed Bread Building.
Young Circle Park in Hollywood, photographed November 4, 2018. Neighborhood context; this image does not show the completed Bread Building. Photo: Tamanoeconomico / Wikimedia Commons · CC BY-SA 4.0. Resized, converted to WebP and cropped to fit. Adapted photo remains under CC BY-SA 4.0.

BTI Partners and Bridge Investment Group have secured approximately $109.2 million in Freddie Mac financing for the Bread Building in downtown Hollywood, moving the 362-unit property into a new financing phase after it reached full occupancy in September.

Greystone announced the closing November 2. Cushman & Wakefield arranged the loan, and Greystone provided it. The lender said the transaction used Freddie Mac’s Lease-Up Loan program and included cash-out refinancing and full-term interest-only payments. Greystone announcement, November 2

At 1770 South Young Circle, the 25-story tower includes about 17,000 square feet of retail and 478 parking spaces. Construction on the new residential tower finished in late 2025, according to the announcement. The sponsors had acquired the vacant predecessor property in 2021. Connect CRE subsequently reported the financing November 3. Connect CRE

The sequence is the most useful part of the deal for other apartment owners: delivery, lease-up and refinancing followed in relatively quick succession. Achieving occupancy gave the financing process a measurable operating milestone rather than relying solely on projected demand.

Using the rounded $109.2 million loan amount, the debt represents approximately $302,000 per apartment. That calculation is a scale indicator, not an apartment valuation: the collateral also includes retail and parking, and the announcement does not establish a loan-to-value ratio.

The interest-only structure is relevant to near-term cash flow because scheduled payments do not reduce principal during that period. It also leaves principal repayment to a later refinancing, sale or other payoff. Without a disclosed interest rate and maturity, the headline amount cannot establish the property’s debt-service burden or quantify refinancing risk.

For Hollywood, the development combines residential density with space for commercial tenants beside Young Circle. The financing announcement, however, does not provide retail occupancy or retail income. Those figures would be needed to evaluate the nonresidential component separately.

The transaction is a useful example of capital becoming available after a specific property demonstrates leasing progress. It is not, by itself, evidence that financing terms have improved across Broward County’s apartment market.

RefinancingMultifamilyAgency lending

Published by The Basis. Research dates, source references and illustrative assumptions are retained from the original article.

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