Kushner Companies, in partnership with PTM Partners, has successfully obtained an $87.3 million refinancing loan for 2000 Biscayne, a prominent 420-unit residential tower located in Miami’s Edgewater neighborhood. This financial move aims to retire a previous construction loan and supports the ongoing development of the Edgewater Collective mixed-use project.
Key Takeaways
- Kushner Cos. and PTM Partners secured an $87.3 million refinancing loan for the 2000 Biscayne residential tower.
- Corebridge Financial provided the new loan, arranged by Walker & Dunlop.
- The refinancing replaces an $82.5 million construction loan from Valley National Bank.
- 2000 Biscayne is the first phase of the larger Edgewater Collective mixed-use development.
- Miami’s multifamily market continues to show strong performance with significant rent growth.
Refinancing Details
The $87.3 million refinancing loan, provided by Corebridge Financial, will be used to pay off the existing $82.5 million construction loan that was issued in 2022 by Valley National Bank. Walker & Dunlop was instrumental in arranging this significant financial transaction on behalf of the ownership.
About 2000 Biscayne
Completed in October 2024, the 36-story 2000 Biscayne tower stands as the initial phase of the Edgewater Collective, a substantial mixed-use development by Kushner Cos. and PTM Partners. The building features 420 residential units, including studios, one-bedroom, two-bedroom, and three-bedroom configurations, spread across 353,329 rentable square feet. Unit sizes range from 454 to 1,476 square feet. The tower boasts a comprehensive suite of amenities designed for modern living, including coworking spaces, an outdoor swimming pool with a sundeck, a fitness center, a spa and wellness area, a game room with a children’s play area, a dog park, and a multi-level parking structure. Currently, the property is 75 percent occupied.
Edgewater Collective Expansion
The 2000 Biscayne tower is strategically situated in Miami’s Edgewater neighborhood, offering views of Biscayne Bay. It is part of the larger Edgewater Collective project, which includes a second phase, 1900 Biscayne. This adjacent development will comprise two 42-story towers with a combined total of 872 residential units. The location provides convenient access to downtown Miami, approximately 2 miles to the south, and major transportation routes like I-395, I-95, and U.S. Route 1.
Miami’s Multifamily Market Strength
The refinancing comes at a time when Miami’s multifamily sector is demonstrating robust performance. Despite a slight year-over-year dip in advertised asking rents in May, the metro area has experienced substantial cumulative rent growth of nearly 60 percent between March 2020 and March 2025. This growth trajectory places Miami among the top-performing multifamily markets nationally, driven by strong population influx and limited new housing supply, which consistently maintains high demand.