A Biscayne Boulevard Apartment Tower project will be developed in Miami’s Edgewater neighborhood, through a 50-50 joint partnership between PTM Partners and Kushner Companies. This 165 million multifamily project is a three-tower planned development which will be built at 2000 Biscayne Boulevard; a federally designated Opportunity Zone, offering incentives to developers and investors who bring investments to the area.
The first of the three buildings, from this Biscayne Boulevard Apartment Tower project, will rise up to 36 stories high, with 420 units along Biscayne Boulevard and is aimed at creating a unique urban campus within the bustling submarket of Edgewater, Miami. Construction on the building is expected to begin by year’s end, while leasing would begin in the first quarter of 2023, and construction work will be concluded by the first quarter of 2024.
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$127 M loans secured by Kushner for the Biscayne Boulevard Apartment Tower project
Funding for this project comes from two loans secured by Kushner over a month ago, worth about $127 million in total; along with, a $75 million leasehold mortgage from Valley National Bank; and a $52 million mortgage from AIG Asset Management. The Miami-based architect, Kobi Karp has designed the first Biscayne Boulevard Apartment Tower to feature stunning water views and several state-of-the-art amenities which include a landscaped pool deck with BBQ grills and a Zen Garden, a fitness center with a yoga room, outdoor boxing and CrossFit, a dry sauna, a spa treatment and steam room, a dry sauna, a spa treatment and steam room, a recording studio, a children’s playroom, a pet wash, a game room, co-working spaces, a library and so much more.
The Chief Executive Officer of Kushner, Laurent Morali said his company was about working with PTM Partners to bring this 2000 Biscayne Biscayne Boulevard Apartment Tower to Miami, especially with Kushner Companies’ recent expansion into South Florida. The President of Kushner, Nicole Kushner Meyer also said that the project was capable of setting a new standard of living for the residential market in Miami and their company would work alongside this established team to achieve the desired results.
