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.