Crescent Heights Lands $238M Refi for New Luxe Rental Tower in Miami
By Julia Echikson October 15, 2025 12:55 pm
reprints
Development firm Crescent Heights secured $238.4 million to refinance a new luxury multifamily tower, which includes a Whole Foods store, in Miami’s Edgewater neighborhood.
The financing covers Forma, a 40-story high-rise with 588 apartments at 2900 Biscayne Boulevard, adjacent to 29th Street. Walker & Dunlop provided the fixed-rate, five-year debt through Freddie Mac’s Lease-Up program.
The lender assumed a loan with $188 million in outstanding debt and increased it by $50.4 million, bringing the total to $238.4 million, according to mortgage documents. Walker & Dunlop’s Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Dustin Stolly, Sean Reimer, Michael Stepniewski and Michael Ianno arranged the financing.
Last year, Crescent Heights completed the 1 million-square-foot building after obtaining a $224 million construction loan from Blackstone in 2022. The property includes a 53,400-square-foot Whole Foods grocery store on the ground floor, as well as a parking garage and 85,000 square feet of amenities.
Units at Forma range from studios to three-bedroom units, with rents between $3,080 and $7,515. Crescent Heights has offered move-in incentives this year. Representatives for Walker & Dunlop and Crescent Heights declined to provide Forma’s occupancy rate.
The Miami-based developer, led by Russell Galbut and Bruce Menin, owns swaths of land along Biscayne Boulevard in Edgewater, including the property just north of Forma. In June, it sold the building that housed its headquarters for $41 million, The Real Deal reported.
Julia Echikson can be reached at jechikson@commercialobserver.com.
