Namdar Group Secures $460M Financing for Downtown Miami Towers
Namdar Group obtained $460 million in cross-collateralized bridge and construction loans for its two-tower, 1,400-unit apartment project in downtown Miami. This financing was arranged despite ongoing economic challenges and higher interest rates in South Florida.
Project Details
- Phase I: A 43-story, 680-unit tower located at 55 Northeast Second Street
- Phase II: Planned 43-story, 714-unit tower at 50 Northeast Third Street
Loan Structure and Timeline
The financing, provided by Slate Property Group’s lending branch, Scale Lending, includes two $230 million loans—one for each tower. The Phase I loan serves as bridge debt for completion and lease-up, while Phase II's loan covers construction costs.
"Namdar is expected to complete the first tower early next year. Construction of the second tower began in September, with completion targeted for 2028."
Design and Amenities
Designed by Arquitectonica, the towers will be connected up to the eighth floor and share a 269-space garage. The project will also feature 7,100 square feet of ground-floor retail space alongside 62,000 square feet of indoor and outdoor amenities on the seventh and eighth floors.
This new financing replaces the $195 million previously provided by Scale Lending in 2022.
Author's summary: Namdar Group secured $460 million to fund its two Miami apartment towers, aiming for phase one completion next year and full project delivery by 2028 amid a challenging lending environment.