Dealmaker: Walker & Dunlop Arranges $125M Construction Loan for Miami Mixed-Use Property

(Illustration courtesy of Walker & Dunlop)

Walker & Dunlop, Bethesda, Md., arranged a $125 million loan to finance the construction of Cassi, a 107-unit mixed-use project located in Miami’s Design District.

Walker & Dunlop New York Capital Markets, led by Sean Reimer, Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Jordan Casella, and Michael Stepniewski, advised the joint venture team that included Miami Design District Associates, Hunter Pasteur and The Forbes Company. Amerant Bank led the financing package that also included Bank Hapoalim.

“Cassi Miami benefits from highly favorable zoning, allowing our client to deliver a cohesive and thoughtfully designed development,” said Sean Reimer, managing director at Walker & Dunlop.

The 20-story project includes 161,444 rentable square feet of residential space across 107 units averaging 1,509 square feet. Unit types range from one- to three-bedrooms with dens. Cassi Miami also includes 23,000 rentable square feet of retail space at the gateway of the Miami Design District.

Legal representation for the transaction was provided by Adam Lustig, Salomé Bascuñan and Kevin Koushel of Bilzin Sumberg on behalf of the joint venture team and Mark Somerstein and Amanda Phillips of Greenspoon Marder on behalf of Amerant Bank and Bank Hapoalim.

The Miami Design District is owned and operated by Miami Design District Assocs., a partnership between Dacra, Craig Robins and L Catterton Real Estate.