Cushman & Wakefield, Greystone Close $109.2M Freddie Mac Loan for Bread Building in Hollywood, Florida
HOLLYWOOD, Fla. — Cushman & Wakefield and Greystone announced the closing of $109,164,000 in financing for the Bread Building, a multifamily property in downtown Hollywood, Florida. Cushman & Wakefield arranged the Freddie Mac loan, and Greystone provided it on behalf of borrowers BTI Partners and Bridge Investment Group, the firms announced Nov. 2.
Freddie Mac Lease-Up Loan Structure
The financing was executed through Freddie Mac's Lease-Up Loan program. According to Greystone's Richard Kourbage, the structure provided the borrowers with a cash-out refinance, full-term interest-only payments and a 35-year amortization.
"We are pleased with the strong execution achieved through Freddie Mac's financing program of this transaction," Kourbage said. "The Bread Building's successful lease-up and strong market fundamentals made it an excellent candidate for this financing, and we appreciated the opportunity to deliver a solution that supports the property's long-term success."
The loan equates to approximately $301,558 per residential unit, based on the 362 units in the building.
Cushman & Wakefield and Greystone Deal Team
Cushman & Wakefield's Equity, Debt & Structured Finance team of Chris Moyer and Chris Lentz arranged the financing in collaboration with Greystone's Richard Kourbage, Gillian McIlroy and Zach Shabinsky.
"The Bread Building represented a compelling lending opportunity in one of South Florida's most dynamic residential markets," said Moyer, Executive Managing Director at Cushman & Wakefield. "The property's prime location in the heart of downtown Hollywood, proximity to major employment centers, and high-quality residential offerings allowed us to capitalize on the continued demand for luxury multifamily housing in South Florida. We're pleased to have worked alongside BTI Partners, Bridge Investment Group and Greystone to execute this financing."
BTI Partners and Bridge Investment Group Redevelopment
BTI Partners and Bridge Investment Group purchased the vacant Hollywood Bread Building site in 2021. The sponsors demolished the aging structure and replaced it with a new residential tower, which was completed in late 2025. The property reached full occupancy in September 2026.
"Downtown Hollywood continues to evolve into one of South Florida's most vibrant urban destinations, and the Bread Building is an important part of that transformation," said Jacob Breakstone, Manager, Urban Development at BTI Partners. "The property's successful lease-up reflects the growing demand for high-quality residential living in Hollywood. This refinancing is another significant milestone for the project and reinforces our confidence in downtown Hollywood's continued growth and long-term potential."
Property Details: 362 Units in Downtown Hollywood
Located at 1770 S. Young Circle, the 25-story Bread Building has 362 residential units, approximately 17,000 square feet of retail space and 478 parking spaces. Amenities include a swimming pool with poolside cabanas, an expansive sun deck, an outdoor kitchen, a fitness center and resident gathering spaces.
The property sits adjacent to the 10-acre ArtsPark at Young Circle, with access to downtown Hollywood's restaurants, entertainment and cultural attractions. Its location between Miami and Fort Lauderdale connects residents to major employment centers, transportation hubs and South Florida's beaches.
Apartment listings for the building show studio-to-two-bedroom layouts of roughly 507 to 1,210 square feet, with advertised rents starting around $2,146 to $2,171 and extending above $4,600 depending on unit type and availability. Listings for the ground-floor retail show bays ranging from 750 to 2,977 square feet marketed at $50 per square foot annually.
Market Context: Stabilization Before Permanent Debt
The refinancing follows the property's move from construction and lease-up to stabilized occupancy. The tower reached full occupancy within roughly a year of completion, and the Freddie Mac Lease-Up Loan allowed the sponsors to move into agency debt shortly after that milestone. The cash-out feature allows the owners to return capital following the development investment, while the interest-only structure through the term supports near-term cash flow.
The 362-unit delivery adds new rental supply to downtown Hollywood, a submarket positioned between two major South Florida employment centers.
About the Firms
Cushman & Wakefield (NYSE: CWK) is a global commercial real estate services firm with approximately 53,000 employees in over 350 offices and nearly 60 countries. Greystone is a private national commercial real estate finance company active in multifamily and healthcare finance, with activity as an FHA, Fannie Mae and Freddie Mac lender. Bridge Investment Group is an affiliate of Apollo (NYSE: APO) and an alternative investment manager. BTI Partners is a Florida real estate and land developer focused on mixed-use and luxury residential projects.
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