Kushner Secures Funding for Miami Apartment Project
Kushner Companies has secured two loans totaling $127 million for its major planned apartment development in Miami’s Edgewater neighborhood.
Kushner’s 2000 Biscayne Leasehold and 2000 Biscayne Fee Owner secured a $75 million leasehold mortgage from Valley National Bank and a $52 million mortgage from AIG Asset Management, respectively, for the property at 2000 Biscayne Boulevard in Miami , according to the records.
Kushner plans to break new ground soon, according to a source.
New York-based Kushner, led by Charles Kushner, Nicole Kushner Meyer and Laurent Morali, purchased the 0.8-acre property this summer. The company is planning a nearly 400-unit apartment tower for the site, which would mark the first phase of a 1,300-unit development. Investor Enrique Manhard sold the property, which is part of a larger package he owns and is under contract to sell to Kushner. Kushner paid $20.5 million for the first coin.
The second close at an undisclosed price is expected to take place in January, the source said.
The Edgewater property sits in an opportunity area. The Verzasca Group previously owned the site.
Kushner plans to build two more towers at 1900 Biscayne Boulevard in Miami, which Manhard still owns.
Kushner has ambitious plans for South Florida. It is partnering with publicly traded real estate investment trust Aimco on a massive downtown Fort Lauderdale development. The planned 3 million square foot mixed-use development on Broward Boulevard is expected to include 1,300 apartments, offices, retail and a hotel.
Kushner is also building the Wynd 27 and Wynd 28 mixed-use developments in Wynwood with partner Block Capital Group. The projects are expected to be completed in about a year.