Namdar Group Secures $460M for Miami Apartment Towers
Namdar Group obtained $460 million in construction and bridge loans for its nearly 1,400-unit, two-tower apartment project in downtown Miami. The financing deal reflects sustained lending activity in South Florida despite rising interest rates and other economic challenges.
Project Details
The development includes two 43-story towers. Phase I features a 680-unit building at 55 Northeast Second Street, while Phase II plans for a 714-unit tower at 50 Northeast Third Street.
Loan Structure and Timeline
- The loan package is split into two $230 million loans—one for each tower.
- Phase I’s loan serves as bridge debt for completion and lease-up.
- Phase II’s loan will finance ongoing construction.
- The first tower is expected to be completed early next year.
- Construction of the second tower began in September, with completion targeted for 2028.
- These loans replace an earlier $195 million financing provided in 2022.
Design and Amenities
Designed by Arquitectonica, the two towers are connected up to the eighth floor and share a garage with 269 parking spaces. The development features 7,100 square feet of retail on the ground floor and offers 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.
Author’s summary: Namdar Group secured major financing to advance its two high-rise apartment towers in downtown Miami, reflecting continued real estate growth despite economic headwinds.
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