Kushner Companies scored two loans totaling $127 million for its major apartment development planned for 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, records show.
Kushner plans to break ground soon, according to a source.
New York-based Kushner, led by Charles Kushner, Nicole Kushner Meyer and Laurent Morali, bought the 0.8-acre property this summer. The firm plans 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 assemblage he owns and is under contract to sell to Kushner. Kushner paid $20.5 million for the first piece.
The second closing for an undisclosed price is expected to occur in January, the source said.
Kushner plans to build two additional towers at 1900 Biscayne Boulevard in Miami, which Manhard still owns.
Kushner has ambitious plans for South Florida. It is partnering with the publicly traded real estate investment trust Aimco on a massive downtown Fort Lauderdale development. The planned 3-million-square-foot, mixed-use project on Broward Boulevard is expected to have 1,300 apartments, office, retail and a hotel.
Kushner is also building the mixed-use Wynd 27 and Wynd 28 developments in Wynwood with its partner Block Capital Group. The projects are expected to be completed in about a year.