Greystone supplied a $109 million Freddie Mac-backed refinance loan for the Bread Building, a 362-unit apartment complex in Downtown Hollywood, Florida. The joint venture of bti partners and Bridge Investment Group acquired the former office building in 2021 for $11 million and converted it into residential units, completing the project in 2025. The 25-story property at 1770 South Young Circle reached full occupancy in September 2026.
The loan uses Freddie Mac's Lease-Up Loan program and includes a cash-out refinance, full-term interest only, and 35-year amortization, according to Richard Kourbage, senior managing director at Greystone. The property features roughly 17,000 square feet of retail space and 478 parking spaces. Amenities include a swimming pool with cabanas, a sun deck, an outdoor kitchen, and a fitness center.
Cushman & Wakefield negotiated the debt. Chris Moyer and Chris Lentz led the equity, debt and structured finance team. Jacob Breakstone, manager of urban development at BTI, said the successful lease-up reflects growing demand for high-quality residential living in Hollywood.