Tag Archives: apartment loans

Large Balance Sheet Refinance Closes for Coral Springs Multifamily

Our clients, a seasoned ownership group, needed to refinance a 400 unit multifamily community in Coral Springs, Florida. The property was performing, the business plan was working, and the existing debt was coming due. What they needed was a lender who could underwrite a transaction of real size in one of the most competitive rental markets in the country.

Large multifamily refinances live in a different part of the lending market than the deals that fill much of the industry. As the loan amount climbs, the pool of willing lenders narrows, the underwriting grows more demanding, and the diligence calendar runs longer. Our clients depended on GRP Capital to find the right lending partner and to tell the story of a well run property with a proven ownership group behind it.

The property made the case. At roughly 94 percent occupancy across a mix of one, two and three bedroom units, the community had steady in place cash flow. Ownership had also been working through a unit renovation program, upgrading interiors in phases and moving those units to a higher rent tier as they turned. That is the kind of disciplined value add story lenders want to see, because it shows an operator who can execute without stretching the balance sheet.

Rather than an agency execution, this refinance was best served by a balance sheet loan. Balance sheet financing delivered the proceeds, the structure and the certainty of close the borrowers needed, without the constraints that come with other programs. The result was a $52.0 million loan that closed in August 2026, the largest single closing in GRP Capital’s history.

Rick Patel, GRP Capital President, commented, “This $52.0 million refinance is the largest loan our team has closed, and it showcased our GRP Capital team’s ability to handle and close a transaction of institutional size. Large loans require a different level of underwriting, coordination and patience. Our team worked closely with the borrowers, the lender and the third party professionals to bring every piece together and close on schedule.”

Veeraj Patel, Vice President of Commercial Loans, who led the placement, added, “Our clients run this property extremely well, and my job was to make sure the lender saw that clearly. We built a package around the occupancy, the rent roll and the renovation program so there were no surprises once the file reached underwriting. A balance sheet execution gave the borrowers the proceeds and the certainty of close they were after. This is exactly the kind of multifamily transaction our team is built to underwrite.”

Refinancing a large multifamily property is not simply a bigger version of refinancing a small one. The lender pool is different, the diligence runs deeper, and the coordination among borrower, lender and professionals has to be tight. Here is what seasoned operators keep in mind when they step up in size.

Refinancing a Large Multifamily Property:

• Start the conversation early: Large refinances take longer than small ones. Appraisals, environmental reports, property condition assessments and title work all take time, and credit committees move on their own calendar. Give yourself six months ahead of a maturity, not six weeks.

• Keep your rent roll and your financials clean: Lenders will pull your rent roll, your trailing twelve month statements and your unit statistics, and they will expect those numbers to agree with one another. Reconciled records shorten underwriting more than almost anything else you control.

• Document your renovation program: If you are upgrading units and pushing rents, show the work: the scope, the cost per unit, the premium achieved and how many units are complete. A documented value add story is an asset in underwriting. An undocumented one is a question mark.

• Protect your occupancy through the process: Lenders want to see a healthy, stable occupancy rate at closing, not only at application. A dip during diligence invites a second look at your proceeds.

• Know which lenders are actually in the market: Not every bank has appetite for large multifamily exposure, and appetite shifts quarter to quarter. Knowing who is lending at your size, in your market, right now is what protects your closing timeline.

Why Choose GRP Capital?

Our GRP Capital team specializes in crafting financing solutions tailored to each client’s unique goals. We even have experience with lender dropouts and critically timed funding needs.

Whether you’re purchasing, refinancing, or building from the ground up, our extensive network of lenders ensures you’ll find funding that aligns with your goals and cash flow needs.

Here’s what sets us apart:

  • We save you time by researching and identifying the best funding options for your project.
  • Our expertise spans various loan products—including non-recourse loans, SBA loans, bridge loans, and conventional financing—so you can navigate even the most complex transactions confidently.
  • Beyond lending, we provide strategic guidance on operational decisions that drive long-term business success.
Lighthouse for beach hotel but it's SA

Beach Resort Multi-Family Refinance

Senior Associate Ryan Dumas is pleased to announce the refinance of a multi-family loan at a popular beach resort town.

Our clients, who owned a very rare property on a vacation destination island, had specific asks for their multi-family refinance.

First, the loan needed to be affordable with better rates than their current note.

Second, they were looking to pull some cash out, which narrowed the interest of multi-family lenders.

Third, we needed to find financing with a lender that was somewhat flexible. Many multi-family lenders have hard and fast rules: insisting on 12 month leases or even 90 days at 90% occupancy. This lender understood the special nature of this property. They particularly understood the very high demand for housing in a resort community.

Ryan Dumas stated, “I’m thrilled that we closed this loan for our clients. Rates were all over the map before we closed this loan. Sourcing a non-agency loan was the key to this loan’s success. Our clients were able to connect with an understanding lender. The result: a higher loan with greater cashout.”

Looking for Multi-Family Financing?

• Get your paperwork ready. Lenders will request rent rolls, copies of leases and financials. Keep your files up to date and in good format (where the numbers from the various reports are congruent with each other.)

• Discuss options with our team: Many lenders want to finance multi-family projects. As a result, there are different types of loans that might be applicable for your project. We can explain the benefits of non-Agency loans, Fannie and Freddie backed loans, conventional loans, SBA Loans (for smaller properties) and even USDA loans for projects outside of metro areas.

• Keep up your occupancy: If you are seeking a refinance, lenders wants to see a healthy occupancy rate. If you are purchasing an underperforming property, the lenders need a strong, clear business plan to rehab and turn around the business.

Our GRP Capital team specializes in finding the right lender for each project. We save our clients time and money, as we research the best choices for their funding sources. Our experience allows our clients to find funding that is project-appropriate and will allow for sufficient cash flow. Whether you are looking to refinance or purchase, we would love to discuss your business plans with you. If you are considering becoming a first-time (or second or third time!) buyer, we can assist you.

outside of apartment complex

Indiana Multi-Family Refinance

Senior Associate Ryan Dumas is pleased to announce the refinance of a multi-family loan in Indiana.

Our clients, experienced multi-family owners, needed to refinance an existing loan. They were looking for stable financing at competitive prices.

Ryan worked hard with the clients, who were extremely motivated. Fortunately, the clients had also engaged a fantastic on-site manager. She worked closely with the GRP Capital team to provide up to the minute financials and rent rolls, so the loan could close as quickly as possible.

Our clients were extremely pleased with the process. As busy entreprenuers, they particularly liked how GRP Capital breaks down the lender checklists into bite-size to-do lists. The client told our loan processor, “Thank you so much for this email with a simple list”, remarking that other lists from previous lenders can be overwhelming at times. The team also shepherded the clients through the Environmental Site Assessment (which was not done for the original acquisition loan) as well as a necessary survey. As an added bonus, the clients were vacationing near our office during their scheduled closing date, so they were able to pop right in and sign their documents while we notarized. We loved meeting them and their adorable children.

Ryan Dumas stated, “I’m thrilled that we closed this loan for our clients. They are wonderful businesspeople. I’m particularly impressed with how they turned around this property. They own a lovely multi-family product with a very good reputation in a location that needed this type of housing. Our team worked very hard with them, and we hope to help them find more properties in the future.”

Looking for Multi-Family Financing?

• Get your paperwork ready. Lenders will request rent rolls, copies of leases and financials. Keep your files up to date and in good format (where the numbers from the various reports are congruent with each other.)

• Discuss options with our team: Many lenders want to finance multi-family projects. As a result, there are different types of loans that might be applicable for your project. We can explain the benefits of Fannie and Freddie backed loans, conventional loans, SBA Loans (for smaller properties) and even USDA loans for projects outside of metro areas.

• Keep up your occupancy: If you are seeking a refinance, lenders wants to see a healthy occupancy rate. If you are purchasing an underperforming property, the lenders need a strong, clear business plan to rehab and turn around the business.

Our GRP Capital team specializes in finding the right lender for each project. We save our clients time and money, as we research the best choices for their funding sources. Our experience allows our clients to find funding that is project-appropriate and will allow for sufficient cash flow. Whether you are looking to refinance or purchase, we would love to discuss your business plans with you. If you are considering becoming a first-time (or second or third time!) buyer, we can assist you.