Namdar Group Secures $460M Financing for Miami Apartment Towers
Namdar Group obtained a $460 million financing package combining construction and bridge loans for its nearly 1,400-unit, two-tower apartment development in downtown Miami. This milestone reflects ongoing lending activity in South Florida despite economic challenges like rising interest rates.
Project Overview
- The development includes 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 financing consists of two $230 million loans—one for each tower.
- Phase I's loan is bridge debt intended to complete construction and support lease-up, while Phase II's loan funds ongoing construction.
- Completion of the first tower is planned for early next year; construction on the second tower began in September 2025, targeting completion in 2028.
Loan and Design Details
The loans, provided by Slate Property Group’s financing arm, Scale Lending, replace a $195 million loan from 2022 for the project. Arquitectonica is the architectural firm behind the design.
The towers will be connected up to the eighth floor and share a 269-space parking garage. The development also includes 7,100 square feet of retail space on the ground floor and 62,000 square feet of amenities split between the seventh and eighth floors, featuring indoor and outdoor options.
Slate Property Group’s Scale Lending announced: "The financing package consists of two $230 million loans, one for each tower. The loan for Phase I is bridge debt for its completion and lease-up, and the loan for Phase II is construction financing."
Author's summary: Namdar Group’s $460 million financing deal highlights robust South Florida development, enabling the completion of two large Miami apartment towers with integrated retail and amenities despite challenging economic conditions.
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