Updated Oct 13, 2026
Crescent Heights Secures $238.41 Million Refinance Loan For Forma Miami Multifamily Property
2900 Biscayne Boulevard
$238,408,000
$567/SF
Building Size
420,000 SF
Asset Type
MultiFamily
Closing
Oct 2, 2025
About this deal
AI
The multifamily asset at Forma Miami, located at 2900 Biscayne Boulevard in the Miami market, encompasses 588 units across a total area of 420,000 square feet. The refinance transaction has a loan amount of $238,408,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $238,408,000
- Lender: Walker & Dunlop via Freddie Mac
- Loan Type: Refinance
- Landlord: Crescent Heights
- Loan Officers: Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Sean Reimer, Michael Stepniewski, Michael Ianno
- Landlord Representatives: Russell Galbut, Sonny Kahn, Bruce Menin
Key representatives involved in this refinance deal include multiple loan officers aligned with Walker & Dunlop, demonstrating a collaborative effort among the team. Additionally, Crescent Heights is represented by Russell Galbut, Sonny Kahn, and Bruce Menin in this transaction.
On the Map
$238,408,000
$567/SF
MultiFamily
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Players
Miami MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.07%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93