At a glance
- Kourbage said the loan was made through Freddie Mac's Lease-Up Loan program.
- The 25-story property reached full occupancy in September 2026, less than a year after the conversion was completed in 2025.
- At $109 million across 362 units, full-term interest-only payments with a 35-year amortization schedule leave principal to be addressed at maturity, not retired gradually.
Greystone provided a $109 million Freddie Mac-backed loan to refinance the 362-unit Bread Building in Hollywood, Fla., for a joint venture of BTI Partners and Bridge Investment Group, Commercial Observer first reported.
The loan is a cash-out refinance with full-term interest-only payments and a 35-year amortization schedule, Richard Kourbage, a senior managing director at Greystone, said. Kourbage said the loan was made through Freddie Mac's Lease-Up Loan program.
The 25-story property reached full occupancy in September 2026, less than a year after the conversion was completed in 2025.
At $109 million across 362 units, full-term interest-only payments with a 35-year amortization schedule leave principal to be addressed at maturity, not retired gradually. An investor comparing agency multifamily debt would weigh this structure against an amortizing loan on the same asset.
From bread factory to 362 units
BTI and Bridge bought the property in 2021 for $11 million and redeveloped the former Hollywood Bread Company headquarters into apartments at 1770 South Young Circle, between Miami and Fort Lauderdale. The tower includes about 17,000 square feet of retail space and 478 parking spaces.
Bridge Investment Group reported $49.3 billion in regulatory assets across 188 accounts in a Form ADV filed with the SEC on July 1, 2026.
Reported by the Real estate debt desk from Commercial Observer and Form ADV filings with the SEC. Published . Corrections