Namdar Secures $460M Financing for Downtown Miami Towers
Namdar Group obtained $460 million in combined construction and bridge loans to fund its nearly 1,400-unit, two-tower apartment development in downtown Miami. The financing underscores continued lending activity in South Florida despite elevated interest rates and broader economic challenges.
Project Details
The Great Neck, New York-based developer is progressing on a major residential project consisting of two 43-story towers. Phase I includes a 680-unit tower at 55 Northeast Second Street, while Phase II will bring a 714-unit tower at 50 Northeast Third Street.
Financing Structure
According to the lender’s announcement, Slate Property Group’s financing division, Scale Lending, provided the loans. The financing package includes two $230 million loans—one per tower. The first loan serves as bridge financing for final completion and leasing of Phase I, while the second covers construction expenses for Phase II.
“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,” the release stated.
Previous and Design Information
The new financing replaces the $195 million that Scale Lending supplied in 2022. The development is designed by Arquitectonica and will feature a shared structure up to the eighth floor, including a 269-space parking garage, 7,100 square feet of ground-floor retail, and 62,000 square feet of amenities across the seventh and eighth floors.
Author’s Summary
Namdar Group secured $460 million from Scale Lending to advance its dual-tower residential project in downtown Miami, marking one of the city’s most significant multifamily developments under construction.