Truen & Michaels has been lending in both New York and South Florida for decades. From our vantage point as a direct lender active in both markets, the capital dynamics in 2026 look meaningfully different from what we were seeing two years ago.
New York: Selective but Active
The New York market has bifurcated sharply. Class A multifamily in prime Manhattan and Brooklyn submarkets continues to attract institutional capital at compressed cap rates. But the middle-market — 5–20 unit properties in outer boroughs, distressed mixed-use assets, and residential renovation plays — is where direct lending is most active.
Buyers in these segments are moving quickly when properties come to market at realistic prices. Bank financing is slow and selective. Sellers who need certainty of close are accepting bridge-financed offers over conventional offers with longer contingency periods. This is the environment where a well-capitalized direct lender creates real value.
South Florida: Still Liquid, Shifting Dynamics
The South Florida market remains among the most liquid commercial markets in the country. Miami-Dade, Broward, and Palm Beach counties have all seen sustained demand from domestic and international buyers, and the investment property segment has been particularly active.
What has changed is the buyer profile. Owner-user buyers have pulled back as rates have risen, but investor demand — particularly for multifamily, mixed-use, and short-term rental properties — remains strong. Bridge loans for value-add acquisitions are in consistent demand, and we are seeing more seasoned New York investors deploying capital in South Florida as relative value has improved.
What This Means for Borrowers
In both markets, speed and certainty of close continue to separate winning bids from losing ones. Sellers in competitive situations are making decisions based on which buyer can close reliably and quickly — not which buyer has the lowest rate. Direct lending, with its ability to close a file-ready deal in days rather than months, remains one of the most powerful competitive tools an investor can deploy in 2026.