Walker & Dunlop Arranges $238 Million Refinance for Forma Miami

BETHESDA, Md.--(BUSINESS WIRE)--Walker & Dunlop, Inc. announced today that it arranged $238,408,000 for the refinancing of Forma Miami, a newly built, Class-A+ multifamily building located in the Edgewater neighborhood of Miami, Florida.

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 features 588 luxury residences with a mix of studio to three-bedroom units, enhanced by condominium-level finishes, a bespoke collection of art, and over 85,000 square feet of activated indoor and outdoor amenities. The property also features Edgewater’s first Whole Foods Market, occupying over 50,000 square feet at the base of the property.

“Forma Miami is one of the best new high-performing multifamily assets in all of South Florida,” said Aaron Appel, senior managing director at Walker & Dunlop. “With record setting rents and an unparalleled amenity offering, Crescent Heights has set the new standard for luxury rental product in the Miami market. We are grateful to partner with both Crescent Heights and Freddie Mac on this impressive financing.”

“Forma Miami is the product of nearly four decades of Crescent Heights’ dedication to innovation and excellence in urban living,” said Bruce A. Menin, managing principal at Crescent Heights. “Its unprecedented lease-up pace is a testament to the market’s enthusiasm for our resident-focused lifestyle programming and the thoughtful amenities that set a new benchmark for multifamily communities in Miami. Looking ahead, our commitment to Edgewater will only deepen, as Crescent Heights prepares to transform the nine acres we own directly adjacent to Forma into a vibrant city center. The next phases will further define the Edgewater District, creating a dynamic, neighborhood-shaping destination for Miami.”

Expertly designed by Rockwell Group and Arquitectonica, Forma combines luxury living with an accessible location, offering comfort and convenience in the heart of Edgewater. The neighborhood has witnessed tremendous growth in recent years, driven by its waterfront views, dynamic atmosphere, and reputation as a premier residential destination within Miami. Residents enjoy immediate access to parks, outdoor recreation and the cultural hubs of the Design District, Wynwood, downtown Miami and Brickell. Strategically bordered by Interstate 195, Interstate 395, Interstate 95 and Biscayne Bay, Edgewater provides exceptional connectivity to the city’s best destinations and proximate demand drivers.

Walker & Dunlop is one of the top providers of capital to the U.S. multifamily market; in 2024 the firm originated over $30 billion in debt financing volume, including over $25 billion for multifamily properties. 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 Crescent Heights

Crescent Heights is the nation’s leading real estate firm, specializing in the development, ownership, and operation of architecturally distinctive mixed-use high-rises in major cities across the United States. For over 40 years, Crescent Heights has exemplified leadership through innovation, market foresight, and a dedication to elevating neighborhoods with bespoke design and contextual architecture. Each project embodies a sophisticated brand narrative—melding art, craftsmanship, and a deep sense of place—to create award-winning residences that reflect the character of their surroundings while setting a new benchmark for excellence. The firm’s portfolio spans Miami, Los Angeles, San Francisco, Chicago, and other key metropolitan centers, realizing a singular vision to redefine modern city living in collaboration with world-renowned architects and designers. Crescent Heights is deeply involved in each community it serves, prioritizing sustainability, transit-oriented features, public art, and local engagement to contribute lasting value to urban environments.

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.