MIAMI—From offices to hotels to multifamily, the race to refinance is on. After all, any number of X factors cold cause the market to cool.
Indeed, industry watchers report several reasons developers and owners are working fast to lock in favorable loan rates. There's the relaxed set of underwriting standards, the mass capital chasing deals, and, of course, the historical low interest rates.
Take Miami Beach's Shore Club as an example. Developers secured a $185 million refinance loan from Mexico's Banco Inbursa. Meanwhile, the office building 396 Alhambra in Coral Gables received a $50 million loan, a North Miami luxury condo tower closed a $87 million construction loan, and the proposed 83-story Panorama Tower locked in a $340 million loan for construction in Miami's Brickell neighborhood.
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