Berkadia has arranged $36.7 million in acquisition and refinancing financing for three multifamily properties across Florida on behalf of Rental Asset Management, including two assets in Miami-Dade County and one in Pasco County.
The transactions cover a newly completed project in Hialeah, a refinancing in Miami Springs, and a larger refinancing in New Port Richey. All three loans were arranged through agency capital sources, with Berkadia saying the deals were originated through Fannie Mae and Freddie Mac.
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For RAM, the financing package underscores an active capital strategy across one of Florida’s more diversified multifamily portfolios. The firm, which operates from Lauderdale, owns and manages more than 3,000 residential units across 50 properties statewide, according to Berkadia.
| Project Detail | Information |
|---|---|
| Borrower | Rental Asset Management (RAM) |
| Total financing | $36.7 million |
| Assets involved | RAM Four Hialeah, The Devonshire, Summer Lake Villas |
| Counties | Miami-Dade County and Pasco County |
| Loan sources | Fannie Mae and Freddie Mac |
| Berkadia office involved | Boca Raton |
How Berkadia structured the three Florida loans
The financing was arranged by Matthew Robbins and Hugo Hernandez of Berkadia’s Boca Raton office, along with Mitch Sinberg, Brad Williamson, and Scott Wadler. Berkadia said the deals reflect the flexibility of agency debt for experienced multifamily owners with stabilized or newly delivered properties.
In a statement quoted by Florida YIMBY, Robbins said RAM continues to grow its portfolio strategically and that the three transactions show the range of financing options available to established operators. The firm did not disclose broader portfolio plans tied to the loans.
Agency financing has remained an important tool in Florida’s apartment market because it can offer longer terms, fixed-rate structures, and interest-only periods that help owners manage cash flow. In this case, the three loans were structured differently based on each asset’s profile, age, and financing need.
RAM Four Hialeah: newly completed acquisition financing
The largest acquisition loan in the group was a $10.28 million Fannie Mae loan secured for RAM Four Hialeah, a newly constructed 54-unit apartment development in Hialeah. The property consists of four neighboring buildings at 853, 859, 879, and 909 East 24th Street.
According to the report, the project includes a mix of one- and two-bedroom apartments. The five-year, fixed-rate loan was arranged at a 56 percent loan-to-value ratio and includes full-term interest-only payments with a 30-year amortization schedule. The transaction closed on August 28, 2026.
Because the building is newly completed, the deal appears to reflect an acquisition financing rather than construction lending. That distinction matters in South Florida, where many apartment finance transactions involve either ground-up development or recapitalization of existing inventory. Here, the asset had already been delivered before the loan was placed.
Hialeah continues to be one of Miami-Dade County’s most active multifamily submarkets, with steady demand from renters seeking comparatively more attainable housing options than many coastal neighborhoods. While the article did not include pricing information or lease-up details, RAM Four Hialeah adds a newly built option to a dense, transit-oriented urban corridor.
The Devonshire refinancing in Miami Springs
The second loan covered The Devonshire, a 36-unit apartment community at 401-451 Crescent Drive in Miami Springs. Berkadia originated a $3.24 million Freddie Mac-backed refinancing loan for the property, which was built in 1964 and sits near Miami International Airport.
The refinancing was structured as a five-year, fixed-rate loan with a 39 percent loan-to-value ratio, full-term interest-only payments, and a 30-year amortization schedule. The deal closed on September 10, 2026.
Miami Springs is a mature apartment submarket with a limited supply of new product relative to nearby growth centers in Miami-Dade County. Properties like The Devonshire often draw financing based on their location, occupancy stability, and long-term repositioning potential rather than on recent construction delivery.
The refinancing suggests RAM opted to refinance rather than sell the asset, locking in agency debt on a small-scale community in a centrally located neighborhood with strong access to employment centers and transportation routes. No additional redevelopment plans for the property were disclosed.
Summer Lake Villas brings the largest refinancing in the package
The largest of the three loans was a $23.211 million Freddie Mac refinancing for Summer Lake Villas, a multifamily community at 4331 Fiji Drive in New Port Richey. Built in 2003, the property includes homes ranging from one to five bedrooms.
According to the report, the five-year, fixed-rate loan was secured at a 60 percent loan-to-value ratio. It includes three years of interest-only payments, followed by a 35-year amortization schedule. The refinancing closed on September 30, 2026.
The property’s amenity mix includes a swimming pool, fitness center, clubhouse, landscaped courtyards, and walking paths. Those features are typical of suburban multifamily communities built in the early 2000s, when larger floor plans and internally oriented amenity packages were common in Florida rental construction.
Unlike the Miami-Dade loans, Summer Lake Villas is located in Pasco County, reflecting the broader geographic spread of RAM’s portfolio and Berkadia’s financing work. The deal provides the owner with new agency debt on a more established suburban asset, likely supporting long-term hold strategy rather than immediate disposition.
What the deal says about South Florida multifamily lending
The financing package arrives during a period when apartment owners across South Florida continue to navigate higher borrowing costs, evolving rent trends, and a large pipeline of new supply in several markets. In that environment, agency lenders such as Fannie Mae and Freddie Mac remain significant capital sources for stabilized assets and well-performing portfolios.
For Miami-Dade County in particular, the two local transactions reflect the ongoing role of refinancing and acquisition lending in keeping existing apartment stock competitive. While new construction has drawn significant attention in South Florida, many investors are still focusing on recapitalizing completed properties and preserving flexibility through fixed-rate agency debt.
The RAM loans also show the value of portfolio-level relationships between lenders and operators. Berkadia said it has worked with RAM on multiple transactions, suggesting the financing was arranged within an established lending relationship rather than as a one-off deal. That kind of repeat business is common in multifamily finance, where underwriting often depends on the sponsor’s experience as much as on the asset itself.
RAM’s portfolio spans more than 50 properties statewide, and the three loans illustrate a mix of strategies: acquisition financing for a newly completed Hialeah property, refinancing for a midcentury Miami Springs asset, and recapitalization of a suburban community in Pasco County. Together, they provide a snapshot of how multifamily capital is still being deployed across Florida’s urban core and suburban growth markets.
Why these transactions matter for local apartment owners
Although the deal details are specific to RAM, the structure of the loans reflects broader trends in Florida multifamily finance. Sellers and owners with stabilized assets continue to seek agency debt because it can provide predictability in a market where commercial borrowing rates have remained a constraint for many borrowers.
The reported loan-to-value ratios ranged from 39 percent at The Devonshire to 60 percent at Summer Lake Villas, with RAM Four Hialeah financed at 56 percent. Those figures indicate that the lender underwrote the assets conservatively, which is typical for agency transactions aimed at limiting risk while allowing owners to harvest equity or complete an acquisition.
The differing interest-only structures also point to tailored financing terms. The Devonshire carries full-term interest-only payments, Summer Lake Villas has a three-year interest-only period, and RAM Four Hialeah was arranged with full-term interest-only payments. Such variations usually reflect differences in asset age, lease-up profile, and sponsor strategy.
For South Florida readers, the key takeaway is that the market remains liquid for experienced borrowers with completed or stabilized apartment assets. Even as new development has drawn headlines, refinancing activity continues to support older and newly delivered inventory across the region.
