Walker & Dunlop Arranges $125 Million Construction Loan for Mixed-Use Property, Cassi in the Miami Design District
Walker & Dunlop, Inc. announced today that it arranged a $125 million loan to finance the construction of Cassi, a 107-unit mixed-use project located in Miami's acclaimed Design District.
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Cassi Miami. Photo Credits: DACRA
Walker & Dunlop New York Capital Markets, led by Sean Reimer, Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Jordan Casella, and Michael Stepniewski, were exclusive advisors to the joint venture team that includes 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 of Capital Markets at Walker & Dunlop. "As Miami's economy continues to thrive and demand for luxury, amenitized spaces grows, we're proud to partner with the sponsorship team and look forward to bringing this exceptional project to life."
The 20-story project includes 161,444 rentable square feet of residential space across a mix of 107 units, averaging 1,509 square feet. Unit types range from one- to three-bedrooms with dens. The amenity-rich project also features 23,000 rentable square feet of retail space and is located at the gateway of the Miami Design District, one of the city's most culturally significant developments, known for world-class art, luxury retail and award-winning restaurants.
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.
In 2024, Walker & Dunlop's Capital Markets team sourced over $16 billion from non-Agency capital providers. This vast experience has made them a top advisor on all asset classes for many of the industry's top developers, owners, and operators. To learn more about Walker & Dunlop's broad financing options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE:WD) is one of the largest commercial real estate finance and advisory services firms in the United States and internationally. Our ideas and capital create communities where people live, work, shop, and play. Our innovative people, breadth of our brand, and our technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.
About Miami Design District
The Miami Design District is a one-of-a-kind neighborhood that combines luxury shopping, galleries, museums, design stores, restaurants, and major art and design installations all within an architecturally significant context. The Miami Design District is owned and operated by Miami Design District Associates, a partnership between Dacra, founded and owned by visionary entrepreneur Craig Robins, and L Catterton Real Estate, a global real estate development and investment fund, specializing in creating luxury shopping destinations. As Miami becomes increasingly known for its own rich culture, the growth of the Miami Design District further reflects how the city is deserving of its place on the global stage.
For more information, visit miamidesigndistrict.com / Facebook: MiamiDesignDistrict / Instagram: @miamidesigndistrict / X: @designdistrict
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