Kushner Cos. JV Lands $87M Refi for Miami Tower

Kushner Cos., in joint venture with PTM Partners, has secured an $87.3 million refinancing loan for 2000 Biscayne, a 420-unit residential tower in Miami. Corebridge Financial provided the loan, while Walker & Dunlop arranged the deal on behalf of the ownership.  

The refinancing note will retire a previous $82.5 million construction loan issued in 2022 by Valley National Bank, according to Yardi Matrix information.

The upscale 2000 Biscayne is the first phase of the two-part Edgewater Collective, a mixed-use mega-development by Kushner Cos. and PTM Partners. The second part of the project is 1900 Biscayne, an adjacent community that will consist of two 42-story towers enclosing a total of 872 residential units.

Earlier this spring, PPG Development and BH3 Management have also secured a $225 million refinancing loan for Slate Hallandale Beach, a 250-unit luxury residential tower 20 miles north of downtown Miami. J.P. Morgan and Monroe Capital provided the financing.

A luxury community in Miami’s Edgewater

Completed in October 2024, the 36-story tower features 75 studios, 204 one-bedroom, 129 two-bedroom and 12 three-bedroom units across 353,329 rentable square feet. Floorplans range between 454 and 1,476 square feet. Amenities include coworking spaces, an outdoor swimming pool with sundeck, a fitness center, a spa and wellness center, game room with children’s play area and a dog park, as well as a multi-level parking structure. The property is currently 75 percent occupied.

Located at 251 NE 20th St., the building is in Miami’s Edgewater neighborhood, overlooking Biscayne Bay. Downtown Miami is some 2 miles south. Major thoroughfares in the area include interstates 395 and 95, as well as U.S. Route 1.

The Walker & Dunlop team representing the borrower included Senior Managing Directors Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Senior Director Michael Stepniewski, Managing Director Jordan Cassella, Associate Director Christopher de Raet and Analyst Stanley Cayre.

Miami’s multifamily sector stands strong

As of May, advertised asking rates in the metro dropped 0.1 percent year-over-year, while the national average rose 1.0 percent over that same interval, to $1,761, according to the latest Yardi Matrix multifamily national report.

Between March 2020 and March 2025, Miami saw almost 60 percent cumulative rent growth, making it one of the top-performing multifamily markets in the U.S. during and after the pandemic, alongside Palm Beach, Fla., and Fort Lauderdale, Fla. This surge was driven by strong population growth and limited new inventory, which kept demand high.