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LibraryCF Biscayne Multifamily DST

Executive Summary

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CF Biscayne Multifamily DST

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Offering summary

CF Biscayne Multifamily DST is a Delaware Statutory Trust offering sponsored by Cantor Fitzgerald Investors, LLC. The offering encompasses a 380-unit multifamily residential apartment and townhome community located in Miami, Florida, which was built and completed in 2024. The total offering price is $235,956,000, capitalized with $112,650,000 in equity and $123,306,000 in loan debt. This capital structure results in an offering LTV and acquisition LTV of 52.3%. Projected Year 1 income is 4.3%, and the average income over the full term is also projected at 4.3%. Front-end fees and expenses include a $5,150,000 acquisition fee and $9,209,502 in total front-end offering expenses.

Capital raise

0.0% of the offering is closed

$112,650,000 still available

Closed$0 Reservations$0 Available$112,650,000
$0 of $112,650,000 placed
Total offering equity

$112,650,000

Closed equity

$0

0.0% of offering
Current reservations

$0

Pending subscription
Available equity

$112,650,000

Open for subscription

Cantor Fitzgerald Investors, LLC is raising $112,650,000 in equity alongside $123,306,000 in debt to complete the $235,956,000 offering. Syndication costs include a $1,689,750 dealer fee and a $1,126,500 broker-dealer due diligence allowance. Total upfront fees with reserves equal $29,956,000, representing 14.54% of the acquisition cost.

Offering terms

Sector

Multifamily

Investment Category

DST

Projected First Year Cashflow

4.3%

Avg. 4.3% over term

Min. Cash Investment

—

Min. 1031 Investment

—

Total Offering Price

$235,956,000

$620,937 per unit

Offering Debt

$123,306,000

LTV

52.3%

On acquisition price

Units / Tenants

380

Miami, Florida

Property Age

The property was built and completed in 2024, making it a newly constructed multifamily apartment and townhome community.

CF Biscayne Multifamily DST is acquiring a newly completed 380-unit multifamily residential community in Miami, Florida. The $235,956,000 offering is financed with $112,650,000 in equity and $123,306,000 in debt, reflecting a 52.3% LTV. Year 1 projected distribution is 4.3%, which matches the projected full-term average income of 4.3%.

Strengths & considerations

Key strengths

  • New Construction Asset

    2024 Vintage

    The property was built and completed in 2024 as a modern 380-unit multifamily apartment and townhome community.

  • Institutional Sponsor Scale

    $26,000,000,000 AUM

    Cantor Fitzgerald Investors, LLC manages $26,000,000,000 in assets under management with an established sector focus in multifamily.

  • Moderate Leverage Profile

    52.3% LTV

    The capitalization structure employs $123,306,000 in debt against a $235,956,000 offering price, resulting in a 52.3% LTV.

Key considerations

  • Upfront Fee Load

    14.54%

    Total upfront fees with reserves are $29,956,000, which equals 14.54% of the total acquisition cost.

  • Projected Income Level

    4.3%

    Projected Year 1 distribution is 4.3%, with the full-term average income also projected at 4.3%.

  • Front-End Compensation

    $9,209,502

    Total front-end fees and expenses total $9,209,502, which includes a $5,150,000 sponsor acquisition fee.

The asset is newly constructed with completion in 2024, providing modern residential improvements across 380 units in Miami, Florida. The sponsor, Cantor Fitzgerald Investors, LLC, brings institutional scale with $26,000,000,000 in assets under management and a sector focus in multifamily. Leverage is structured at a moderate 52.3% LTV across the $235,956,000 total offering capitalization.

Sources, uses & fee assessment

Capital Sources

$235.96MTotal offering

  • Offering Equity

    47.7% of offering

    $112.65M

  • Offering Debt

    52.3% LTV on acq.

    $123.31M

Where the Capital Goes

$235.96MDeployed

  • Acquisition Cost

    96.1% of offering

    $226.75M

  • Offering Expenses

    3.9% of offering

    $9.21M

  • Reserves

    3.2% of offering

    $7.52M

Total Offering

$235.96M

Equity $112.65M + debt $123.31M

Acquisition Cost

$226.75M

96.1% of offering to the property

Total Fees & Expenses

$9.21M

3.90% of offering

Reserves

$7.52M

3.2% of offering

Sources include $112,650,000 in offering equity and $123,306,000 in loan debt, fully funding the $235,956,000 offering price. Uses comprise the $226,746,498 total acquisition cost, $5,150,000 acquisition fee, and financing costs including $4,796,864 in loan and lender expenses and $3,275,644 in finance expenses. Reserve allocations include $5,318,140 for improvements, $1,205,850 in lender-required reserves, and $1,000,000 in master tenant reserves.

Risk read

Tone reflects relative strength, not a rating

Fee Burden

Cautious

Upfront fees and reserves represent 14.54% of acquisition cost, with front-end expenses totaling $9,209,502.

Distribution Profile

Neutral

Projected Year 1 distribution is 4.3%, which matches the full-term projected average income of 4.3%.

Leverage Profile

Moderate

The offering utilizes $123,306,000 in debt, setting the offering LTV at 52.3%.

Asset Age

Favorable

The property is a 380-unit multifamily community completed in 2024.

The offering carries an upfront fee load of 14.54% relative to acquisition cost, with front-end fees totaling $9,209,502. The property is encumbered by $123,306,000 in debt, establishing a 52.3% leverage ratio. The initial projected distribution rate is 4.3%, matching the projected full-term average income of 4.3%.

Calculated underwriting metrics

Syndicated Cap Rate

—

NOI ÷ offering price

Upfront Load on Offering

3.90%

Total fees ÷ offering price

Load on Equity

8.18%

Total fees ÷ offering equity

Premium / Discount

—

Offering price vs. appraised value

Offering vs. Acquisition

—

Offering price ÷ acquisition price

Price per Unit

$620,937

Offering price ÷ 380 units

Total front-end fees stand at $9,209,502, and upfront fees as a percentage of acquisition cost are calculated at 14.54%. The capitalization utilizes $123,306,000 in debt against a $226,746,498 total acquisition cost. Property reserves include $5,318,140 for improvements, $1,205,850 for lender-required reserves, and $1,000,000 in master tenant reserves.

Sponsor

Sponsor

Cantor Fitzgerald Investors, LLC

Cantor Fitzgerald Investors, LLC manages $26,000,000,000 in assets under management and focuses on the multifamily sector. The firm oversees the acquisition, master lease, and asset disposition, receiving a $5,150,000 acquisition fee, $200,000 annual asset management fee, and a 1.0% disposition fee.

$26B AUMMultifamily FocusInstitutional SponsorNational Platform
Portfolio

—

Properties owned or managed

AUM

$26,000,000,000

Across all programs

DST programs

—

Prior DST offerings

AUM in DSTs

—

DST-held assets

Team

—

Disclosed headcount

Sector focus

Multifamily

Stated strategy

View Sponsor Dossier

The sponsor is Cantor Fitzgerald Investors, LLC, an institutional real estate sponsor managing $26,000,000,000 in assets under management. The firm maintains a primary sector focus in multifamily properties. Sponsor compensation includes a $5,150,000 acquisition fee, a $200,000 annual asset management fee, and a 1.0% disposition fee.