At a glance
- The refinancing replaces a $226 million construction loan from Related Fund Management and Lubert-Adler and is $24 million larger, according to a PMG representative cited by the outlet.
- For allocators underwriting multifamily debt funds, the basis is the number to check: Benefit Street is lending about 11% more against the same collateral than the 2022 construction lenders carried.
- Benefit Street also funded a $47.6 million refinancing for a 170-unit Brooklyn building this month, as Private Wealth Daily previously reported.
PMG and Greybook have refinanced the second phase of their Society Las Olas apartments in downtown Fort Lauderdale with $250 million from Franklin Templeton's Benefit Street Partners, Commercial Observer reported, citing property records.
The refinancing replaces a $226 million construction loan from Related Fund Management and Lubert-Adler and is $24 million larger, according to a PMG representative cited by the outlet. The 42-story tower at 140 Southwest Second Street holds 563 apartments and was completed this year.
For allocators underwriting multifamily debt funds, the basis is the number to check: Benefit Street is lending about 11% more against the same collateral than the 2022 construction lenders carried.
Benefit Street also funded a $47.6 million refinancing for a 170-unit Brooklyn building this month, as Private Wealth Daily previously reported. It reported $28.3 billion in regulatory assets across 74 accounts in its Form ADV filed July 30.
Reported by the Real estate debt desk from Commercial Observer, Form ADV filings with the SEC and Private Wealth Daily archive. Published . Corrections