Berkadia Arranges $36.7M in Agency Financing for Three Rental Asset Management (RAM) Florida Multifamily Properties

Berkadia arranged $36.7 million in agency financing for Rental Asset Management (RAM) of Fort Lauderdale, Florida, covering three multifamily communities across the state, the firm announced Oct. 9, 2026. Two of the properties are in Miami-Dade County.

The transactions include acquisition financing for the newly built RAM Four Hialeah in Hialeah and refinancings of The Devonshire in Miami Springs and Summer Lake Villas in New Port Richey. Berkadia Boca Raton led the assignments.

Berkadia Team Behind the RAM Transactions

Managing Director Matthew Robbins and Vice President Hugo Hernandez of Berkadia Boca Raton led the transactions, alongside Senior Managing Director Mitch Sinberg and Managing Directors Brad Williamson and Scott Wadler.

"RAM continues to strategically grow and strengthen its multifamily portfolio, and these three transactions demonstrate the range of financing options available to well-capitalized, experienced operators," said Robbins. "We've had the opportunity to work with RAM on multiple transactions and are pleased to continue supporting their investment strategy with agency financing tailored to each asset."

RAM Four Hialeah: Fannie Mae Acquisition Loan

Berkadia originated a $10.28 million Fannie Mae acquisition loan for RAM Four Hialeah, a newly built, 54-unit multifamily community at 853, 859, 879 and 909 E. 24th Street in Hialeah. The five-year, fixed-rate loan was secured at 56 percent loan-to-value and features full-term interest-only payments and a 30-year amortization schedule. The deal closed Aug. 28.

RAM Four Hialeah consists of four neighboring buildings offering one- and two-bedroom apartments. The loan equates to roughly $190,370 per unit.

The Devonshire and Summer Lake Villas: Freddie Mac Refinancings

Berkadia originated a $3.24 million Freddie Mac-backed loan to refinance The Devonshire, a 36-unit apartment community at 401-451 Crescent Drive in Miami Springs. The five-year, fixed-rate loan was secured at 39 percent loan-to-value and features full-term interest-only payments and a 30-year amortization schedule. Built in 1964, the property is near Miami International Airport. The deal closed Sept. 10. The loan equates to roughly $90,000 per unit.

Berkadia also originated a $23.211 million Freddie Mac refinancing for Summer Lake Villas, a multifamily community at 4331 Fiji Drive in New Port Richey. The five-year, fixed-rate loan was secured at 60 percent loan-to-value and includes three years of interest-only payments followed by a 35-year amortization schedule. Built in 2003, Summer Lake Villas offers one- through five-bedroom residences, along with a swimming pool, fitness center, clubhouse, courtyards and walking paths. The deal closed Sept. 30.

What the Loan Terms Show

The three loans carry an aggregate loan-to-value of roughly 57 percent when weighted by loan amount. At the stated leverage, the Hialeah loan implies a collateral value of about $18.36 million, the Summer Lake Villas loan about $38.69 million and The Devonshire loan about $8.31 million. These are loan-to-value calculations rather than reported transaction prices.

The structures reflect different approaches by asset: acquisition leverage for a newly delivered property, lower-leverage refinancing for the 1964-built Devonshire, and the largest loan and highest leverage on Summer Lake Villas, where three years of interest-only payments precede amortization.

Florida Multifamily Market Context

Florida's multifamily market is moving through a supply reset after a large delivery wave that pressured occupancy and rent growth in recent years. A Florida market outlook projects 2026 multifamily inventory growth of 1.6 percent in Miami and Fort Lauderdale, the slowest pace in a decade. Nationally, apartment vacancy was expected to peak in 2026 and tighten as deliveries decline.

One 2026 apartment-market assessment reported vacancy of approximately 6.2 percent in the relevant Florida market context, with rents trending slightly downward and concessions declining as supply growth slowed. A separate statewide estimate placed multifamily vacancy in a 7 percent to 12 percent range, with tighter conditions in Miami than in Jacksonville.

RAM Portfolio and Berkadia Relationship

The three transactions continue Berkadia's long-term financing relationship with RAM, whose portfolio spans more than 3,000 units across 50 properties throughout Florida. The financings span Hialeah and Miami Springs in Miami-Dade County and New Port Richey in the Tampa Bay region, using Fannie Mae for the Hialeah acquisition and Freddie Mac for both refinancings.

Sources

• Berkadia: Berkadia Arranges $36.7 Million in Financing for Three RAM Multifamily Communities Across Florida