Massive $190 Million Sale and $157 Million Financing in Miami

Major Financial Moves in Miami's Real Estate Market

Walker & Dunlop, a leader in commercial real estate, recently announced the successful arrangement of a remarkable $190 million sale and a $157 million financing deal for The Hamilton, a stunning bayfront high-rise situated in the dynamic Edgewater neighborhood of Miami.

Key Figures Behind the Sale

The transaction was expertly handled by Walker & Dunlop's South Florida Investment Sales team, under the guidance of experienced professionals such as Still Hunter, Kaya Suarez, and Leigh Gerke. They were pivotal in ensuring a seamless sale on behalf of Apartment Investment and Management Company (Aimco). In addition, the company’s New York Capital Markets team played a crucial role, led by Aaron Appel, Keith Kurland, and others, successfully arranging the financing package on behalf of the buyer, Kushner Companies, which was backed by Apollo Global Management and Macquarie Group. Today, The Hamilton remains a standout among bayfront rental towers in Miami.

A New Era for The Hamilton

Originally constructed in 1984, The Hamilton saw significant renovations after Aimco acquired the property in 2020. The ambitious refurbishment plan was brought to completion in 2022, transforming the community into a modern living space. With 276 apartments laid out in various designs from one to five bedrooms, each residence spans an average of 1,373 square feet—this size distinctly sets it apart from newer properties in the area.

Exceptional Amenities and Features

The Hamilton offers what few, if any, can match: the largest private outdoor terraces in South Florida. Each apartment features a terrace averaging 326 square feet, with some spanning more than 2,300 square feet, providing residents an unparalleled outdoor living experience. Furthermore, the building’s density is only 72 units per acre, the least of any luxury high-rise in Miami-Dade County. This unique feature provides a diverse array of outdoor and bayfront amenities, making it a desirable destination for renters.

A Testament to Quality and Strategic Planning

According to Still Hunter, managing director of Investment Sales at Walker & Dunlop, the community’s prime location, appealing amenities, and stunning architecture contribute to its reputation as one of the most iconic assets in South Florida. He highlighted Aimco’s flawless execution in redeveloping the property, which set the stage for a quick lease-up and attracted a high caliber of residents. The collective efforts between Walker & Dunlop and Aimco demonstrate the firm’s commitment to delivering strong outcomes for clients, showcasing its extensive knowledge and resources within the industry.

Strategic Location Benefits

Situated along Biscayne Bay and positioned just north of Downtown Miami, The Hamilton enjoys access to one of South Florida's most thriving areas. Residents benefit from breathtaking views over the bay and ocean, coupled with convenient access to major roadways, prominent employment centers, and a plethora of retail, dining, and entertainment options nearby.

Walker & Dunlop’s Notable Market Position

In the competitive realm of multifamily property sales, Walker & Dunlop has maintained a formidable presence, having completed over $51 billion in property sales volume since 2021. Additionally, the company stands out as a leading provider of capital to the multifamily market in the United States. In the current year, they have successfully originated more than $24 billion in debt financing, with substantial investments directed towards multifamily properties. This success reinforces the firm's dedication and expertise in real estate finance and advisory services.

About Walker & Dunlop

Walker & Dunlop (NYSE: WD) is recognized as one of the largest commercial real estate finance and advisory firms in the nation. The firm not only provides innovative ideas and capital that foster community development but also prides itself on its extensive technological resources and client-focused approach. This combination has positioned Walker & Dunlop as a leader in the commercial real estate landscape.

Frequently Asked Questions

What is The Hamilton?

The Hamilton is a 276-unit luxury high-rise located in Miami's Edgewater neighborhood, known for its bayfront views and extensive amenities.

Who was involved in the sale and financing of The Hamilton?

Walker & Dunlop managed the $190 million sale and $157 million financing, working with key teams in South Florida and New York.

What makes The Hamilton different from other properties?

The Hamilton offers expansive apartment sizes and the largest private outdoor terraces in South Florida, making it unique in its category.

Why is the Edgewater location desirable?

Edgewater is a rapidly growing submarket with excellent access to major roads, employment centers, and a variety of entertainment options.

What are Walker & Dunlop's recent accomplishments?

Since 2021, Walker & Dunlop has completed over $51 billion in property sales and originated over $24 billion in debt financing in 2023.

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