"Loan rates for permanent financing have dropped considerably in the past six months, with most deals currently occurring in the 5.5% to 6% range," Cohen says. "As one of a small group of mortgage bankers approved by Freddie Mac in Florida, we generally get a real good picture of the market activity before anyone else."

Formed in 1994, Primary Capital is based in Atlanta, averaging $1 billion in annual volume, largely in the Florida and Georgia apartment markets.

"At worst case, even a 6% long-term rate is very attractive for a loan at 80% of value, which is considered the maximum leverage in the lending business," Cohen tells GlobeSt.com. In January of this year, the rate was over 7%.