Namdar Secures $460M Financing for Miami Apartment Towers
Namdar Group obtained a $460 million package of construction and bridge loans for its two-tower, 1,400-unit apartment development in downtown Miami.
Project Overview
- The development consists of two 43-story towers: Phase I with 680 units at 55 Northeast Second Street, and Phase II with 714 units at 50 Northeast Third Street.
- The towers are designed by Arquitectonica and will be connected through the eighth floor.
- Shared amenities include a 269-space parking garage, 7,100 square feet of ground-floor retail, and 62,000 square feet of indoor and outdoor amenity space on the seventh and eighth floors.
Financing Details
- The $460 million package is divided into two equal loans of $230 million each, one for each tower.
- Phase I’s loan serves as bridge financing for completion and lease-up, while Phase II’s loan covers construction costs.
- Slate Property Group’s financing branch, Scale Lending, provided the loans, replacing $195 million in financing from 2022.
Timeline
- Construction of Phase I is expected to finish early next year.
- Phase II began construction in September and is slated for completion in 2028.
“The loan for Phase I is bridge debt for its completion and lease-up, and the loan for Phase II is construction financing,” said the lender’s news release.
Namdar Group is advancing amid ongoing strong lending activity in South Florida despite rising interest rates and economic challenges.
Author's summary: Namdar Group secured $460 million in loans to finance two large apartment towers in downtown Miami, pushing forward with construction despite economic headwinds.