Namdar Group scored $460 million in cross-collateralized bridge and construction loans for its nearly 1,400-unit, two-tower apartment project in downtown Miami.
The deal comes amid continuing lending in South Florida, despite higher interest rates and other economic headwinds.
Great Neck, New York-based Namdar is developing Phase I with a 43-story, 680-unit tower at 55 Northeast Second Street, and plans Phase II with a 43-story, 714-unit tower at 50 Northeast Third Street. Slate Property Group’s financing arm, Scale Lending, provided the loan, according to the lender’s news release.
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, the release says.
Namdar is expected to complete the first tower early next year. It started construction of the second tower in September and expects to complete it in 2028, according to the release.
The loans replace $195 million in financing that Scale provided for the project in 2022.
Designed by Arquitectonica, the towers will be connected up to the eighth floor and have a shared 269-space garage. The project also will have 7,100 square feet of ground-floor retail and 62,000 square feet of indoor and outdoor amenities on the seventh and eighth floors.
The towers will consist of studios, one-bedroom and two-bedroom apartments, according to the release.
Namdar is led by Ephraim and Joel Namdar, according to state corporate records.
In August, the firm also scored a $358 million financing package for its project with more than 1,100 units at 29 Van Reipen Avenue and 612 Pavonia Avenue in Jersey City’s Journal Square neighborhood in New Jersey.
New York-based Slate Property is a multifamily investment, development and management firm led by Martin Nussbaum and David Schwartz, according to its website. Since it was founded in 2013, it has developed and invested in more than 17,000 units and completed $8.8 billion in deals.
Scale has financed a few South Florida projects. Last year, it provided a $170 million construction loan to David Martin’s Terra for the 578-unit apartment complex that is part of the larger Upland Park mixed-use complex near Sweetwater’s Dolphin Mall. Upland Park will have a total of more than 2,000 apartments and nearly 700,000 square feet of commercial space.
Scale also provided a $105 million construction loan for MG Developer’s 10-story, 347-unit Metro Parc South apartment building at 954 and 934 East 25th Street in Hialeah.
South Florida has experienced a construction lending and refinancing spree this year, with developers scoring massive loans.
Just recently, Yamal Yidios’ Ytech landed $565 million in construction financing for the 70-story, 195-unit The Residences at 1428 Brickell condo tower that’s under construction at 1428 Brickell Avenue in Miami’s Brickell.
Steve Ross’ Related Ross scored a $600 million construction loan for South Flagler House, a two 28-story tower condo project with 105 units at 1355 South Flagler Drive in West Palm Beach in June. In April, PMG landed $413 million to develop the One Twenty Brickell Residences with a 266-unit condo tower and a 537-unit apartment tower at 120 Southwest Eighth Street in Miami.