Richman Group Secures $225M Loan to Refinance Three South Florida Multifamily Assets

The Richman Group, an $18.5 billion asset management firm, has secured $225 million in permanent financing to refinance three stabilized luxury multifamily properties in South Florida that total 942 units. 

New York Life Investment Management provided $107 million to refinance the Marc Apartments, a 396-unit multifamily property in Palm Beach Gardens. The asset is located at 3955 Design Center Drive and opened in December 2024. 

New York Life Investment Management also provided $72.5 million to refinance Everly Apartments, a 320-unit community in Naples, Fla. The asset is located at 3250 Magnolia Pond Circle and opened in early 2024. 

Finally, Reinsurance Group of America provided $45.5 million to refinance Vista Sur Apartments, an eight-story, 226-unit multifamily building in the South Miami neighborhood of Naranja. That asset is located at 27077 South Dixie Highway and opened in 2024.   

Each of the three loans carries a 10-year term with a five-year interest-only period at interest rates that range from 5.8 percent to 6.1 percent. No brokers were listed on the transactions. 

Richard Richman, founder of the Richman Group, noted in a statement that his firm closed the $225 million in financings in just four months, in an environment where capital remains constrained and underwriting standards have risen amid industry-wide refinancing challenges. 

“These closings reflect the strength and stability of our assets, our team’s ability to execute complex transactions, and our successful transition of all three communities into long-term stabilized operations,” he said.  

Richman founded his eponymous firm in 1986 and has since accumulated a portfolio of more than 2,070 properties, 166,500 units, and $28 billion in total deal volume. The firm has 12 national offices. 

Brian Pascus can be reached at bpascus@commercialobserver.com.