Namdar Group Secures $460M in Financing for Miami Apartment Towers
Namdar Group obtained $460 million in cross-collateralized construction and bridge loans for its two-tower, nearly 1,400-unit apartment project in downtown Miami. Despite rising interest rates and economic challenges, lending activity continues in South Florida.
Project Details
- Phase I features a 43-story tower with 680 units at 55 Northeast Second Street.
- Phase II includes a 43-story tower with 714 units at 50 Northeast Third Street.
- The towers are designed by Arquitectonica and will connect through the eighth floor.
- A shared garage with 269 parking spaces will serve both buildings.
- Ground-floor retail space totals 7,100 square feet.
- There are 62,000 square feet of indoor and outdoor amenities on the seventh and eighth floors.
Loan Structure and Timeline
Slate Property Group’s financing arm, Scale Lending, provided two $230 million loans—one for each tower. The Phase I loan serves as bridge debt for completion and lease-up, while the Phase II loan is designated for construction financing.
"Namdar is expected to complete the first tower early next year. Construction of the second tower began in September and is projected to finish in 2028."
These new loans replace $195 million in financing that Scale provided in 2022 for the project.
Summary
This financing deal reflects strong investor confidence in downtown Miami's multifamily housing market amid economic headwinds and marks a significant milestone for Namdar’s large-scale development.
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