Namdar Secures $460M Financing for Miami Apartment Towers
Namdar Group obtained $460 million in combined construction and bridge loans to fund its nearly 1,400-unit twin-tower apartment project in downtown Miami. The financing deal continues despite rising interest rates and economic challenges in South Florida.
Project Details
- The development is split into two phases, each featuring a 43-story tower.
- Phase I includes a 680-unit tower at 55 Northeast Second Street.
- Phase II will have a 714-unit tower at 50 Northeast Third Street.
Loan Structure and Timeline
- The $460 million package is comprised of two $230 million loans — one for each tower.
- Phase I’s loan is bridge debt to complete construction and lease-up.
- Phase II is financed with a construction loan, with construction starting in September and completion expected in 2028.
- Namdar plans to finish Phase I early next year.
- These loans replace an earlier $195 million financing from 2022 provided by Scale Lending.
Design and Amenities
The architectural firm Arquitectonica designed the two towers, which will connect through the eighth floor and share a 269-space parking garage. Additional features include:
- 7,100 square feet of ground-floor retail space
- 62,000 square feet of indoor and outdoor amenities spanning the seventh and eighth floors
Slate Property Group’s financing arm, Scale Lending, provided the loan, according to the lender’s news release.
The new funding demonstrates Namdar Group’s commitment to expanding its footprint in the competitive Miami real estate market.
Author’s Summary
Namdar Group secured $460 million in bridge and construction loans for two high-rise apartment towers in downtown Miami, advancing a major urban development amid challenging economic conditions.