Walker & Dunlop, Inc. announced that it has arranged $238,000,000 to refinance The Landmark South, a 631-unit, Class A multifamily community in Doral, Florida. The transaction matters because it shows how well-capitalized sponsors are using bridge financing to preserve flexibility while capital markets evolve, rather than locking into permanent debt. The deal was arranged by Walker & Dunlop Capital Markets Institutional Advisory on behalf of JSB Capital, with Torchlight Investors providing the floating-rate, interest-only bridge loan. The financing team included Aaron Appel, Michael Stepniewski, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Sean Reimer, Sean Bastian, and Stanley Cayre.
The property itself is substantial in scale and quality. Completed in two phases in 2017 and 2021, The Landmark South comprises approximately 641,527 rentable square feet and offers one-, two- and three-bedroom residences averaging 1,017 square feet. Community amenities include two resort-style pools, two 24-hour fitness centers, outdoor courtyards, a business center, pet spa, resident lounges and structured parking. The asset sits in the heart of Doral, one of Miami-Dade County's most institutionally sought-after multifamily submarkets, with connectivity to Miami's primary employment corridors via the Palmetto Expressway, Dolphin Expressway and Florida's Turnpike.
The evidence for the deal comes from a single full-text source, Yield PRO, published on September 28, 2026. The source quotes Aaron Appel, senior managing director of Capital Markets and co-head of Institutional Advisory at Walker & Dunlop, who said the scale and quality of The Landmark South generated strong interest from the lending community, and that the team focused on finding a capital solution that provided both proceeds and flexibility. Appel added that Torchlight delivered a structure that gives JSB Capital time to execute its business plan while preserving multiple options as the capital markets continue to evolve. Jared Frydman, managing director at JSB Capital, said the property fits within the firm's strategy of investing in well-located assets in growth markets where demand continues to outpace available housing.
The transaction carries broader implications for the multifamily lending environment. The source notes that in 2025, Walker & Dunlop's Capital Markets team sourced over $22 billion from non-Agency capital providers, including nearly $16 billion for multifamily properties. That scale suggests non-bank lenders such as Torchlight Investors remain active in providing bridge capital for Class A multifamily assets in high-growth Sun Belt submarkets. The Doral submarket's fundamentals, as described in the source, include high homeownership costs, limited new supply, and continued population growth, all of which support long-term rental demand and give lenders confidence in the collateral.
Several limitations apply to this analysis. The source does not disclose the loan-to-value ratio, interest rate, term length, or any other specific financing terms beyond the floating-rate, interest-only structure. It also does not state the prior debt amount or maturity that this refinancing replaces. Because the evidence level is single full text from a secondary trade publication, no independent corroboration of the transaction details is available. Investors and market participants should watch for subsequent disclosures from Walker & Dunlop or JSB Capital that may clarify the loan's pricing, term, and any conditions tied to the borrower's business plan execution.