Flow Global, founded by Adam Neumann, backs major Florida loan in transaction
Benefit Street Partners has finalized a $1.1 billion commercial real estate collateralized loan obligation (CLO), known as BSPDF 2026-FL3. The deal is supported by 46 loans tied to 84 commercial properties.
This marks the second CLO issued through the firm’s Opportunistic Debt Fund II, highlighting continued institutional demand for diversified commercial real estate debt investments.
The loan portfolio is heavily focused on multifamily assets—one of the most favored sectors among investors—while also incorporating industrial and other property types. According to Fitch Ratings, the loans have a combined principal balance of approximately $1.02 billion, with an additional $76.6 million allocated for future funding.
Multifamily properties dominate the pool, with 36 loans totaling $739.5 million. Industrial assets account for $145.8 million across 31 loans, while healthcare properties represent $84.1 million over 12 loans. The remaining portion includes two hotel loans totaling $45.5 million and three office loans valued at $8.6 million, making up the smallest segment.
Michael Comparato, head of commercial real estate at Benefit Street Partners, stated that the transaction reflects both the strength and diversity of the underlying assets, with the significant multifamily exposure and varied property mix attracting strong investor interest.
The largest loan in the portfolio is a $223.5 million financing extended to Flow Global Holdings, founded by Adam Neumann. The funds were used to refinance $210.1 million in existing debt tied to a mixed-use tower in Fort Lauderdale, Florida, which opened in 2020.
The property is owned by Nazare Capital, a private investment firm controlled by Neumann. It includes 639 residential units, along with 53,377 square feet of office and retail space and 723 parking spots.
Residential occupancy at the building stands at 95.6%, with average rents around $3,031 per month for market-rate units, according to Fitch. However, leasing activity for commercial space is still catching up, with approximately 56.2% of office space and 48.7% of retail space currently vacant.
To address this, Flow is expected to implement a master lease covering around 26,000 square feet of unoccupied ground-floor retail and second-floor office space, helping stabilize income from the property.
Source: Original reporting by Mark Heschmeyer, CoStar News.
