Dealmaker: Walker & Dunlop Arranges $238M Refinance for Forma Miami

(Photo courtesy of Crescent Heights)

Walker & Dunlop, Bethesda, Md., arranged $238.4 million to refinance Forma Miami, a newly built, Class-A multifamily building in Miami’s Edgewater neighborhood.

Walker & Dunlop Capital Markets, led by Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Dustin Stolly, Sean Reimer, Michael Stepniewski and Michael Ianno, arranged the permanent refinance on behalf of Crescent Heights. The fixed-rate loan was provided via Freddie Mac’s Lease-Up program.

Forma Miami includes 588 residences with a mix of studio to three-bedroom units and more than 85,000 square feet of indoor and outdoor amenities. The property also features Edgewater’s first Whole Foods Market, which occupies more than 50,000 square feet at the base of the property.

The Edgewater neighborhood has seen tremendous growth in recent years, driven by its waterfront views and reputation as a prime residential destination. Forma Miami residents have access to the cultural hubs of the Design District, Wynwood, downtown Miami and Brickell. The neighborhood is bordered by Interstates 195, 395, 95 and Biscayne Bay.