Jason Kollander

BDT & MSD Partners, which formed in 2023 through the merger of BDT & Company and MSD Partners, originated $3 billion in lending volume across approximately 20 transactions. The majority were first-lien senior secured loans across hospitality, residential and mixed-use assets in the year ending March 1, 2026. 

A significant concentration of the activity was in Florida, alongside investments in New York, Texas, Colorado and an international hotel portfolio — and much of its business was driven by repeat borrowers.

In the same term, the group focused on expanding its borrower base, bringing in the Allen Morris Company for a $138.5 million senior secured construction loan to finance the development of Ziggurat Coconut Grove, a luxury condo development with Class A office and retail space in Miami. The firm also led an $86 million senior secured construction loan to new borrower Mark IV Capital to finance the initial phase of the District, a master-planned mixed-use development in Round Rock, Texas, adjacent to Dell Technologies’ headquarters.

Topping its deal sheet for the year was a $340 million senior secured loan to repeat borrower Related Ross to refinance One Flagler, a 25-story office tower in West Palm Beach, Fla. 

For One Flagler, the firm refinanced its prior construction loan into a bridge-to-permanent financing that focuses on lower loan-to-value, high-quality assets that are either covered by cash flow or on a path to stabilization. 

“We wanted to make sure that we have an off-ramp for some of these construction projects that have achieved successful business plan execution,” Jason Kollander said. “One Flagler was one of the first deals that we did within our more bridge-to-permanent financing solution strategy. And we’re really happy to be able to be able to provide that to our partners and borrowers going forward.”

So what’s ahead? Said Kollander: “It’s really continuing to do what we think we do best, which is provide attractive and flexible capital solutions to these borrowers and partners in markets where we have expertise, and continue to do so on a careful, responsible basis.”