362 Florida conversion units just refinanced for $109M
An office to residential conversion in Florida just completed the step that proves the model: a large agency refinance after full lease up.
Greystone arranged a $109M Freddie Mac refinance of the Bread Building in Hollywood, FL, reported Oct 30 by Commercial Observer.
The project is a 362 unit conversion by BTI Partners and Bridge Investment Group. The site was acquired in 2021 for $11M, the conversion was completed in 2025, and full occupancy was reached in September 2026.
That sequence matters for investors screening conversions. The purchase price and the construction finish are not the exit. Occupancy is.
Price conversion deals on the time and cost to reach full occupancy, with the refinance tested against occupied income, not projected income.
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