Kushner brings on PTM Partners for Opportunity Zone rental towers in Miami

OZ-focused PTM Partners joined as a 50-50 partner

Miami /
Nov.November 17, 2021 09:45 AM
PTM Partners' Michael Tillman and Nicholas Pantuliano with Kushner's Laurent Morali and Nicole Kushner with renderings of the project (PTM Partners, Kushner)

PTM Partners’ Michael Tillman and Nicholas Pantuliano with Kushner’s Laurent Morali and Nicole Kushner with renderings of the project (PTM Partners, Kushner)

PTM Partners joined Kushner Companies as a joint venture partner in a major multifamily development in Miami’s Edgewater neighborhood.

PTM, an Opportunity Zone-focused real estate development firm based in Miami, is now a 50-50 partner in the three-tower planned development at 2000 Biscayne Boulevard, where Kushner has been planning a 1,300-unit, phased project, according to the two firms. Mo Beler of Walker & Dunlop represented Kushner in the deal.

The site is in a federally designated Opportunity Zone, which provides tax incentives to developers and investors that invest in them.

The developers plan to break ground on the first building, with 36 stories and 420 multifamily units, in the fourth quarter, according to a release. Leasing would begin in the first quarter of 2023, and the building is expected to be completed by the first quarter of 2024.

New York-based Kushner, led by Charles Kushner, Nicole Kushner Meyer and Laurent Morali, closed on the 0.8-acre property this summer.

Amenities in the first building, designed by Miami architect Kobi Karp, will include a pool deck with grills and a Zen garden, a fitness center with a yoga room, outdoor boxing and CrossFit, a spa and dry sauna, a recording studio and more.

Michael Tillman, CEO and chief investment officer of PTM, said in a statement that the project will “elevate the local rental market while delivering both financial and social returns.”

The $165 million multifamily project now has more units that are about 10 percent smaller on average than originally designed, and it will include more studios than before.

Kushner closed on two loans totaling $127 million for the project more than a month ago, including a $75 million leasehold mortgage from Valley National Bank and a $52 million mortgage from AIG Asset Management.

The developer plans to build two additional towers at 1900 Biscayne Boulevard in Miami, on property it has not yet purchased.

Both firms have been active in South Florida. PTM, led by Tillman, Nicholas Pantuliano and Scott Meyer, recently built an 18-story apartment project in an Opportunity Zone in Miami’s Overtown neighborhood with its partner Estate Investments Group.

In Fort Lauderdale, Kushner 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.





    Related Articles

    arrow_forward_ios
    Sergio Pino of Century Homebuilders Group and the church (Century Homebuilders, Facebook via St. James Evangelical Lutheran Church - MIAMI FL)
    On holy ground: Sergio Pino’s Century Homebuilders plans apartments, school on Coral Gables church site
    On holy ground: Sergio Pino’s Century Homebuilders plans apartments, school on Coral Gables church site
    Developer Thomas Conway and the Little River location (Google Maps, Qualcon)
    Thomas Conway’s Qualcon eyes mixed-income apartment project in Little River Opportunity Zone
    Thomas Conway’s Qualcon eyes mixed-income apartment project in Little River Opportunity Zone
    Eric Hassberger and Matthew Vander Werff with an aerial of the property
    AJ Capital Partners invests in Opportunity Zone portfolio in Miami’s Little River
    AJ Capital Partners invests in Opportunity Zone portfolio in Miami’s Little River
    Ivanhoé Cambridge's Nathalie Palladitcheff and Greystar's Bob Faith with the InTown Apartments at 1900 Southwest 8th Street, Miami (Ivanhoé Cambridge, Greystar, InTown Apts.)
    Ivanhoé Cambridge picks up Little Havana apartment complex for $105M
    Ivanhoé Cambridge picks up Little Havana apartment complex for $105M
    AMLI Residential Chairman and CEO Gregory Mutz with the site (Google Maps, AMLI)
    AMLI Residential bets $31M on another Midtown Miami development site
    AMLI Residential bets $31M on another Midtown Miami development site
    The Oakwood Apartments at 2425 Second Avenue North in Lake Worth Beach (Google Maps)
    New Jersey firm buys Oakwood Apartments in Lake Worth Beach for $35M
    New Jersey firm buys Oakwood Apartments in Lake Worth Beach for $35M
    Trammell Crow CEO Kenneth Valach and the site for the development (Google Maps, Trammell Crow)
    Trammell Crow Residential wraps up $10M deal for Miramar multifamily dev site
    Trammell Crow Residential wraps up $10M deal for Miramar multifamily dev site
    Canadian firm buys Pompano Beach apartments as part of $3.6B Greystar sale
    Canadian firm buys Pompano Beach apartments as part of $3.6B Greystar sale
    Canadian firm buys Pompano Beach apartments as part of $3.6B Greystar sale
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...