Walker & Dunlop Arranges $190 Million Sale and $157 Million Financing for Coveted Edgewater Community in Miami

BETHESDA, Md.--(BUSINESS WIRE)--Dec 19, 2024--

Walker & Dunlop, Inc. announced today that it arranged the $190 million sale and $157 million financing of The Hamilton, a 276-unit trophy bayfront high rise in Miami's popular Edgewater neighborhood.

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The Walker & Dunlop South Florida Investment Sales team, led by Still Hunter, Kaya Suarez, Leigh Gerke, Bennett Hopkins, and Luke Duffack, arranged the sale on behalf of Apartment Investment and Management Company (Aimco). Concurrently, Walker & Dunlop's New York Capital Markets team, led by Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Stepniewski,Mo Beler,Michael Ianno, and Christopher de Raet, arranged the $157,500,000 financing package, on behalf of the buyer, Kushner Companies, which Apollo Global Management and Macquarie Group provided. Today, the property is recognized as one of just two institutional-quality, direct bayfront rental towers in Miami.

Originally developed in 1984, Aimco purchased The Hamilton in 2020 and executed a complete renovation of the community, which was completed in 2022. The waterfront property features 276 spacious apartments, ranging from one to five bedrooms and averaging 1,373 square feet - 60% larger than newer-vintage properties in neighboring submarkets, distinguishing the community from other luxury rentals in Miami's urban core.

Additionally, The Hamilton offers the largest private outdoor terraces in South Florida, with each apartment boasting a terrace that averages 326 square feet and some larger than 2,300 square feet—an unparalleled amenity in high-rise rentals. Further, the building boasts a density of just 72 units per acre, the lowest of any luxury high-rise rental in Miami-Dade County, setting The Hamilton apart from all other multifamily properties and allowing for an unmatched array of outdoor and bayfront amenities.

"The community's bayfront location, unique features, appealing amenities, and stunning architecture combine to make The Hamilton one of South Florida's most iconic assets. Aimco’s redevelopment execution of the aging property was flawless, followed by the expeditious lease-up and high-quality resident base. We're thrilled to have partnered with Aimco to market this exceptional asset, and we are excited to see the Kushner team build upon the work already completed," said Still Hunter, managing director of Investment Sales at Walker & Dunlop. "We are also thankful to our Capital Markets team, whose collaboration was crucial in bringing this deal together. Our combined efforts highlight Walker & Dunlop's ability to deliver a seamless, one-stop-shop experience, securing a strong outcome for our clients and showcasing the depth of our expertise."

The Hamilton's Edgewater location puts the community at the center of one of South Florida's most vibrant and rapidly growing submarkets. Its prime position along Biscayne Bay, just north of Downtown Miami and Brickell, provides residents with world-class bay and ocean views, exceptional access to major thoroughfares, proximity to Miami-Dade County's largest employment hubs, and a wide range of retail, entertainment, and lifestyle amenities.

Walker & Dunlop is a leader in multifamily property sales, having completed over $51 billion in property sales volume since 2021. The firm is also one of the top providers of capital to the U.S. multifamily market. In 2023, Walker & Dunlop originated over $24 billion in debt financing volume, including lending over $20 billion for multifamily properties. To learn more about our capabilities and 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. Our ideas and capital create communities where people live, work, shop, and play. The diversity of our people, breadth of our brand and technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.

The Hamilton (Photo: Business Wire)

NEW YORK (AP) — A Columbia University student activist detained by the U.S. government over his participation in pro-Palestinian demonstrations can challenge the legality of his detention, but the case should be heard in New Jersey, rather than in New York or Louisiana, a federal judge ruled Wednesday.

Mahmoud Khalil, 30, a legal U.S. resident with no criminal record, was detained by federal immigration agents on March 8. He was held overnight at an immigration detention center in New Jersey before being moved to an immigration facility in Jena, Louisiana.

Judge Jesse Furman in Manhattan called the legal challenge an "exceptional case" in need of careful legal review to determine whether the government “violated the law or exercised its otherwise lawful authority in an arbitrary and discriminatory manner.”

Furman said New Jersey was the appropriate venue because Khalil was detained there when his lawyers sued the government.

Federal authorities argued to move the case to Louisiana, saying Khalil was there because of a lack of available detention center beds in the metropolitan New York region and because of a bedbug infestation at a lockup in Elizabeth, New Jersey.

Khalil's lawyers said the transfer was a “retaliatory” action separating Khalil from his lawyers and an effort to find a jurisdiction where judges may be more favorable to the Republican administration’s unusual legal claims.

The Justice Department did not immediately respond to a request for comment. Government lawyers had said that if the case wasn't sent to Louisiana, New Jersey was also a proper venue.

In a statement released by the American Civil Liberties Union, Khalil's wife, Dr. Noor Abdalla, called Furman's order a “first step.”

“His unlawful and unjust detention cannot stand. We will not stop fighting until he is home with me,” said Abdalla, a dentist and U.S. citizen who is pregnant with their first child.

Secretary of State Marco Rubio has cited as grounds for Khalil’s deportation a rarely-used statute giving him sweeping power to deport those who pose “potentially serious adverse foreign policy consequences for the United States.”

The White House has accused Khalil of “siding with terrorists,” but has yet to provide support for the claim. President Donald Trump has described Khalil’s case as the “first of many to come.”

Khalil, an international affairs graduate student, had represented student activists in negotiations with Columbia University over protests of the war in Gaza. The Trump administration is acting quickly to make an example of Columbia as it demands stronger action against allegations of anti-Jewish bias on college campuses.

Haigh reported from Connecticut.

FILE - Student negotiator Mahmoud Khalil is on the Columbia University campus in New York at a pro-Palestinian protest encampment on April 29, 2024. (AP Photo/Ted Shaffrey, file)