Namdar Group has secured $195 million in financing for the land acquisition and the construction of Namdar Towers, a development located in downtown Miami. The loan was provided by SCALE Lending, Slate Property Group’s lending affiliate. Greystone Capital Advisors brokered the transaction.
The Namdar Towers will be located at 222 N.E. First Ave. and will consist of two towers, representing more than 1.2 million square feet in total. The first tower will have 640 units across 41 floors, while the second will encompass 714 units over 43 floors.
The development site is located next to Miami Dade College, between Biscayne Boulevard and Interstate 95, 2.2 miles from Port Miami Bridge, 6.5 miles from Miami International Airport and within 9 miles of Baptist Health’s corporate office.
Greystone Capital Advisors’ Drew Fletcher and Bryan Grover worked on organizing the project’s funding.
A lender focused on expanding
This is SCALE Lending’s first financing in South Florida and its third deal with developer Namdar Group. The company continues to focus on expanding in new markets and Namdar Towers is meant to bring rental opportunities in a market dominated by condo development, said Martin Nussbaum, co-founder & principal with Slate Property Group, in prepared remarks. Just last month, The Related Group secured a $76 million construction loan for a luxury condominium high-rise project in downtown Miami.
Earlier this year, SCALE Lending provided a $137 million loan for the acquisition and construction of 555 Broadway, a ground-up project composed of approximately 300 units, 30 percent of them reserved as affordable housing, in Brooklyn’s Williamsburg. Just a day earlier, the company announced it provided $55 million in construction financing for another Brooklyn project, Hope Street Capital’s Crown Heights.
Last year, Namdar Group secured a $120 million construction loan held by SCALE Lending, for the construction of 618 Pavonia Ave., a 432-unit multifamily community in the Journal Square district of Jersey City, N.J.