The Richman Group, an asset management company with an $18.5 billion portfolio, has secured $225 million in permanent financing to refinance three stabilised luxury multifamily properties in South Florida. The three assets comprise a total of 942 residential units and are located in key markets within the region.
New York Life Investment Management provided $107 million for the refinancing of The Marc Apartments, a 396-unit multifamily property in Palm Beach Gardens. This asset, located at 3955 Design Center Drive, opened in December 2024. Furthermore, New York Life Investment Management granted $72.5 million for The Everly Apartments, a 320-unit community in Naples, Florida, situated at 3250 Magnolia Pond Circle and completed in early 2024.
The Reinsurance Group of America ultimately contributed $45.5 million to the refinancing of the Vista Sur Apartments. This is an eight-storey, 226-unit multifamily building in South Miami's Naranja district, with the address 27077 South Dixie Highway, which opened in 2024. All three loans are for a term of ten years and include a five-year interest-only period with interest rates between 5.8 per cent and 6.1 per cent. No brokers were listed for these transactions.
Richard Richman, founder of the Richman Group, stated that his company was able to close the $225 million in financing in just four months. This is remarkable in an environment where capital remains constrained and underwriting standards have increased amidst industry-wide refinancing challenges. He highlighted that these closings reflect the strength and stability of the assets, his team's ability to execute complex transactions, and the successful transition of all three communities to long-term stable operation.
Richard Richman founded his company in 1986. Since then, the Richman Group has built an extensive portfolio comprising over 2,070 properties and 166,500 residential units. The total transaction volume amounts to $28 billion. The company has twelve national offices and is a well-established entity in the US real estate market.
