Dave Bulger
Vice President
O (855) 378-3443|C (561) 715-3235
18 Formero Street, Rancho Mission Viejo, CA 92694
Investment underwriting report
Complete offering, sponsor, fee and comparative analysis
Prepared
August 26, 2026
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.
0.0% of the offering is closed
$112,650,000 still available
$112,650,000
$0
0.0% of offering$0
Pending subscription$112,650,000
Open for subscriptionCantor 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.
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%.
New Construction Asset
2024 VintageThe property was built and completed in 2024 as a modern 380-unit multifamily apartment and townhome community.
Institutional Sponsor Scale
$26,000,000,000 AUMCantor Fitzgerald Investors, LLC manages $26,000,000,000 in assets under management with an established sector focus in multifamily.
Moderate Leverage Profile
52.3% LTVThe capitalization structure employs $123,306,000 in debt against a $235,956,000 offering price, resulting in a 52.3% LTV.
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
$9,209,502Total 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.
Offering Equity
47.7% of offering
Offering Debt
52.3% LTV on acq.
Acquisition Cost
96.1% of offering
Offering Expenses
3.9% of offering
Reserves
3.2% of offering
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.
Tone reflects relative strength, not a rating
Fee Burden
CautiousUpfront fees and reserves represent 14.54% of acquisition cost, with front-end expenses totaling $9,209,502.
Distribution Profile
NeutralProjected Year 1 distribution is 4.3%, which matches the full-term projected average income of 4.3%.
Leverage Profile
ModerateThe offering utilizes $123,306,000 in debt, setting the offering LTV at 52.3%.
Asset Age
FavorableThe 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%.
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
Distribution rates as extracted from the offering materials.
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
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.
—
Properties owned or managed
$26,000,000,000
Across all programs
—
Prior DST offerings
—
DST-held assets
—
Disclosed headcount
Multifamily
Stated strategy
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.
Manages $26,000,000,000 in institutional real estate assets under management.
Dedicated investment focus in the multifamily residential sector.
Annual asset management fee is set at a flat $200,000.
Receives a $5,150,000 acquisition fee at closing.
Entitled to a 1.0% disposition fee upon property sale.
The property
— acquisition price
CF Biscayne Multifamily DST
380-unit, multifamily residential community
The property was built and completed in 2024, making it a newly constructed multifamily apartment and townhome community.
Miami, Florida
Miami, Florida
—
100.0% of portfolio
The $45,900,000 fixed-rate mortgage carries a 7.12% interest rate, a 50.4% LTV, a 1.98x DSCR, and defeasance-based prepayment provisions.
$123,306,000
—
—
—
—
—
52.3%
52.3%
The property was acquired for $76,500,000 against a total offering price of $91,092,820, reflecting closing costs, fees, and reserve funding.
—
$235,956,000
—
—
—
—
—
—
—
—
—
Gross proceeds fund the $76,500,000 acquisition, $4,878,680 in offering fees, $1,530,000 in financing expenses, and $5,248,509 in reserves.
Total Fees & Expenses
$9,209,502
% of equity
8.18%
% of offering
3.90%
$29,956,000 including reserves (12.70% of offering)
Total fees & expenses
$9.21M
3.90% of offering
Offering expenses
$9.21M
3.90% of offering
Reserves held
$7.52M
3.19% of offering
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Acquisition Fee | $5,150,000 | 4.57% | 2.18% |
| Reserves (Lender Required) | $1,205,850 | 1.07% | 0.51% |
| Reserves (Master Tenant) | $1,000,000 | 0.89% | 0.42% |
| Reserves (Lumped) | $5,318,140 | 4.72% | 2.25% |
| Reserves (Improvements) | $5,318,140 | 4.72% | 2.25% |
| Loan & Lender Expenses | $4,796,864 | 4.26% | 2.03% |
| Finance Expenses | $3,275,644 | 2.91% | 1.39% |
| Total Acquisition Cost | $226,746,498 | 201.28% | 96.10% |
| Total Acq. Cost (Reserves) | $226,746,498 | 201.28% | 96.10% |
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Dealer Fee | $1,689,750 | 1.50% | 0.72% |
| BD Due Diligence Allowance | $1,126,500 | 1.00% | 0.48% |
| Total Offering Expenses | $9,209,502 | 8.18% | 3.90% |
| Total Upfront Fees (Reserves) | $29,956,000 | 26.59% | 12.70% |
Sponsor compensation includes a $2,295,000 acquisition fee, $100,000 annual asset management fee, up to 6.0% selling commissions, and a [4.5]% disposition fee.
$5,150,000
4.57%
$1,689,750
1.50%
$9,209,502
3.90%
Investor income is projected at 5.13% in Year 1 and 5.53% on average, backed by scheduled master lease base rent and a 6.93% syndicated cap rate.
$200,000
$10,700,937
1.0%
Standing
56 of 57
Blended percentile across 10 extracted metrics.
Pricing
11th pct
Leverage
15th pct
Cost
54th pct
Ongoing
100th pct
Structure
9th pct
Pricing
Leverage
Cost
Ongoing
Structure
Bar spans the cohort minimum (Min) to maximum (Max), labelled beneath with the cohort median (Med). Shaded band is the 25th–75th percentile, the tick is the median, and the dot is this offering.
Year 1 distribution
14th pct4.30%median 4.60%
Acquisition LTV
18th pct52.30%median 46.50%
Total upfront load
92nd pct3.90%median 7.50%
| Metric | This offering | Cohort median | 25th–75th | Difference | Percentile |
|---|---|---|---|---|---|
| Price per unitPricing | $621K | $284K | $180K – $418K | +$337K | 10th |
| Year 1 distributionPricing | 4.30% | 4.60% | 4.40% – 5.00% | −0.30% | 14th |
| Avg. distribution (term)Pricing | 4.30% | 5.08% | 4.77% – 5.32% | −0.78% | 9th |
| Acquisition LTVLeverage | 52.30% | 46.50% | 18.89% – 49.80% | +5.80% | 18th |
| Offering LTVLeverage | 52.30% | 46.09% | 2.67% – 49.53% | +6.21% | 12th |
| Total upfront loadCost | 3.90% | 7.50% | 5.00% – 9.50% | −3.59% | 92nd |
| Acquisition feeCost | 4.57% | 2.52% | 1.74% – 3.58% | +2.05% | 10th |
| ReservesCost | 6.68% | 5.53% | 1.67% – 9.03% | +1.15% | 60th |
| Disposition feeOngoing | 1.00% | 2.95% | 2.00% – 3.50% | −1.95% | 100th |
| Equity share of capitalStructure | 47.74% | 100.00% | 52.93% – 100.00% | −52.26% | 9th |
| Offering | Sponsor | Cap rate | LTV | DSCR | Load | Hold | Match |
|---|---|---|---|---|---|---|---|
| NexPoint Life Sciences III DST | NexPoint Real Estate Advisors IV, L.P. | 5.83% | 50.52% | 1.03x | 4.63% | 9 yrs | 96% |
| NexPoint Oasis DST | NexPoint Real Estate Advisors IV, L.P. | 4.84% | 53.05% | 1.81x | 4.39% | 10 yrs | 94% |
| MCG Gainesville FL BTR DST | Madison Capital Group | — | — | 1.74x | — | 10 yrs | 92% |
| CS1031 Cacema Townhomes DST | Capital Square Realty Advisors, LLC | 5.32% | 44.39% | 2.10x | 5.37% | 10 yrs | 91% |
| Griffin Capital Tulsa BTR DST | Griffin Capital Residential Partners Institutional Property Exchange, LLC | 5.77% | 46.50% | — | 5.00% | 10 yrs | 91% |
| Passco Preston Ridge DST | PASSCO | 5.00% | 46.93% | 2.06x | 4.06% | — | 88% |
| BREX Briggs MF DST | Brookfield Real Estate Exchange LLC | — | — | — | 3.72% | — | 88% |
| Net-Leased Portfolio 76 DST | ExchangeRight Real Estate, LLC | — | 43.32% | 1.35x | 4.08% | 14.7 yrs | 88% |
Match score is a normalised distance across the full extracted metric set — asset type, pricing, leverage, cost and structure all weighted equally.
Figures on this page are generated from automated extraction of offering documents and may contain errors or omissions. Verify every metric against the sponsor's offering materials before relying on it for an investment decision.