Namdar Secures $460 Million for Miami Apartment Towers
Namdar Group obtained $460 million in construction and bridge loans for its nearly 1,400-unit residential project in downtown Miami. This financing package supports two high-rise towers despite current economic challenges such as rising interest rates.
Project Details
- Developer: Namdar Group, based in Great Neck, New York
- Location: Downtown Miami
- Phase I: A 43-story tower with 680 units at 55 Northeast Second Street
- Phase II: A 43-story tower with 714 units at 50 Northeast Third Street
- Architect: Arquitectonica
Financing Structure
Slate Property Group’s financing arm, Scale Lending, arranged the loan, which consists of two $230 million loans—one allocated for each tower.
- The Phase I loan is bridge debt to complete the tower and support lease-up.
- The Phase II loan is intended for construction financing.
Timeline and Amenities
Namdar expects to complete the first tower early next year and started construction of the second tower in September with a projected completion in 2028.
- The towers will be connected through the eighth floor and include a shared garage with 269 parking spaces.
- The project features 7,100 square feet of ground-floor retail space.
- There will be 62,000 square feet of indoor and outdoor amenities spread across the seventh and eighth floors.
"The loan for Phase I is bridge debt for its completion and lease-up, and the loan for Phase II is construction financing," the lender's release states.
"The loans replace $195 million in financing that Scale provided for the project in 2022."
Author's summary: Namdar Group secured $460 million in loans to fund a major two-tower apartment complex in downtown Miami, advancing construction and development amid economic hurdles.