A joint venture between BTI Partners and Bridge Investment Group has completed a 109 million US dollar refinancing for a multi-family residential complex in the US state of Florida. The loan, backed by US mortgage agency Freddie Mac, was provided by Greystone and relates to the Bread Building in downtown Hollywood in Broward County.
The partners acquired the property in 2021 for 11 million US dollars and comprehensively redeveloped the former office asset. The building once served as the headquarters of the Hollywood Bread Company before its conversion into modern residential space was completed in 2025.
Financing structure and rapid full occupancy
Freddie Mac's Lease-Up Loan programme was utilised for the transaction. As Richard Kourbage, Senior Managing Director at Greystone, explained, this model enabled the borrower to secure a cash-out refinancing with interest-only payments throughout the full term alongside a 35-year amortisation period. The swift letting of the property and the solid fundamentals of the local market made the Bread Building an ideal candidate for this structure.
The 25-storey high-rise comprises 362 residential units and reached full occupancy as early as September 2026, less than a year after the completion of the conversion works. The complex also features around 17,000 square feet of retail space and 478 parking spaces. The financing was brokered by a Cushman & Wakefield team led by Chris Moyer and Chris Lentz.
Location qualities and amenities profile
Chris Moyer, Executive Managing Director at Cushman & Wakefield, highlighted that the central location in the heart of Downtown Hollywood, connections to key employment hubs, and the high quality of the residential offering were instrumental in capturing ongoing demand for upscale housing in South Florida.
The property is situated at 1770 South Young Circle halfway between Miami and Fort Lauderdale, directly south of the ten-hectare ArtsPark at Young Circle recreational park. Residents have access to extensive communal spaces, including an outdoor pool with cabanas, a sun deck, an open-air kitchen, and a fitness centre. In this context, Jacob Breakstone of BTI emphasised that Downtown Hollywood is evolving into one of the region's most dynamic urban centres, a trend underscored by the rapid full occupancy.
