Walker & Dunlop Arranges $90 Million Refinance for 2000 Biscayne in Miami
Walker & Dunlop, Inc. announced today that it arranged an $87.3 million refinance for 2000 Biscayne, a newly built, Class-A multifamily building totaling 420 units in Miami, Florida.
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2000 Biscayne. Photo Credits: Kushner Companies and PTM Partners
Walker & Dunlop New York Capital Markets, led by Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Michael Stepniewski, Dustin Stolly, Jordan Casella, Christopher de Raet, and Stanley Cayre, were exclusive advisors to the joint venture team that includes Kushner Companies and PTM Partners. Corebridge Financial provided the capital for the debt refinancing.
The 36-story residential tower features 420 premium apartments across 353,329 rentable square feet. The unit mix includes 75 studios, 204 one-bedrooms, 129 two-bedrooms and 12 three-bedrooms. Residents enjoy a wide range of indoor and outdoor amenities, including co-working spaces, community dining areas, a fitness center with locker rooms, a spa, game room, children's play area, pet spa, dog park and more.
"2000 Biscayne represents the highest standard for modern living in one of Miami's most dynamic neighborhoods, combining exceptional design, premium finishes and unmatched amenities," said Laurent Morali, chief executive officer at Kushner. "This successful financing is a clear testament to the strength and quality of the asset, and we're grateful to our friends at Corebridge for their trust and confidence. Thank you to Walker & Dunlop for their unwavering support and expertise through another great execution."
Located on Biscayne Boulevard in Miami's urban core, the property offers excellent access to major roadways, transit, and a vibrant array of dining, entertainment and cultural destinations. The Miami metro area is the most populous in Florida, with more than 6.1 million residents, including 2.75 million in the Miami Beach–Kendall division.
"This strategic refinancing is a testament to the success of this standout luxury multifamily project," said Michael Tillman, chief executive officer at PTM Partners. "The 2000 Biscayne development team's meticulous attention to detail and design has realized itself in a brisk 75% lease-up in a very short period. Not only does this demonstrate the demand for high quality assets but also shows the continued strength of the Miami rental market, particularly within Edgewater."
"2000 Biscayne delivers unmatched quality, convenience and lifestyle offerings, firmly establishing it as the leading multifamily property in the Miami market," said Michael Stepniewski, senior director of New York Capital Markets at Walker & Dunlop. "Miami continues to see strong demand for high-quality housing, driven by a rapidly growing population and sustained economic expansion. We're proud to have been part of this exceptional project and look forward to its continued success."
In 2024, Walker & Dunlop's Capital Markets team sourced over $16 billion from non-Agency capital providers. This vast experience has made them a top advisor on all asset classes for many of the industry's top developers, owners, and operators. To learn more about Walker & Dunlop's broad financing options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE:WD) is one of the largest commercial real estate finance and advisory services firms in the United States and internationally. Our ideas and capital create communities where people live, work, shop, and play. Our innovative people, breadth of our brand, and our technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.
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