Kushner Companies, PTM Seal $87M Loan From Corebridge for Miami’s 2000 Biscayne

Kushner Companies and PTM Partners have locked in a fresh round of financing for 2000 Biscayne, the partners’ luxury apartment building in Miami’s Edgewater neighborhood, Commercial Observer has learned. 

The developers just sealed an $87.3 million, eight-year loan from Corebridge Financial, closing 2000 Biscayne’s development and construction chapter with permanent, fixed-rate financing. 

The financing was structured to be coterminous with the $52 million in debt on the building’s fee simple interest — which also was provided by Corebridge (a spinoff of AIG). Together, the two components bring the total debt on the building to $139.3 million. 

Walker & Dunlop’s ​​Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Michael Stepniewski, Jordan Casella, Christopher de Raet and Stanley Cayre negotiated the financing, which retires the previous leasehold mortgage on the building that Valley National Bank provided in 2021.

“2000 Biscayne represents the highest standard for modern living in one of Miami’s most dynamic neighborhoods, combining exceptional design, premium finishes and unmatched amenities,” Laurent Morali, CEO of Kushner Companies, said. “This successful financing is a clear testament to the strength and quality of the asset, and we’re grateful to our friends at Corebridge for their trust and confidence. Thank you to the Walker & Dunlop team for their unwavering support and expertise through another great execution.”

PTM Partners CEO Michael Tillman said the refinancing is a testament to the project’s success. “The 2000 Biscayne development team’s meticulous attention to detail and design has realized itself in a brisk 75 percent lease-up in a very short period,” he said. “Not only does this demonstrate the demand for high quality assets but also shows the continued strength of the Miami rental market, particularly within Edgewater.”

Kushner and PTM delivered the 36-story, 420-unit apartment building in October 2024. Designed by Kobi Karp Architecture, the building features views of Biscayne Bay and close proximity to nearby restaurants, shopping and entertainment. 

Leasing launched in July 2024, and today the building is 75 percent leased, with amenities that include coworking spaces, community dining areas, a children’s play area and a dog park. 

“2000 Biscayne delivers unmatched quality, convenience and lifestyle offerings, firmly establishing it as the leading multifamily property in the Miami market,” Stepniewski, senior director of New York capital markets at Walker & Dunlop, said in a statement. “Miami continues to see strong demand for well-located, high-quality housing, driven by a rapidly growing population and sustained economic expansion. We’re proud to have been part of this exceptional project and look forward to its continued success.”

Kushner Companies has an active pipeline of development projects in South Florida, including 300 West Broward Boulevard in Fort Lauderdale, which would be one of the city’s tallest skyscrapers, as well as plans to break ground on a new luxury rental building in Miami’s Surfside neighborhood. As Edgewater projects go, the firm also owns The Hamilton, a 270-unit project it acquired from Aimco in December 2024 for $190 million. 

(Disclosure: Joseph Meyer, chairman of Commercial Observer owner Observer Media, is married to Kushner principal Nicole Kushner Meyer.) 

Cathy Cunningham can be reached at ccunningham@commercialobserver.com.