Namdar Lands $460M for Miami Project
The 1,400-unit development is on track for completion in early 2028.
The Namdar Group has landed $460 million in loans for two downtown Miami multifamily towers. A $230 million bridge loan will go toward completion and lease-up of the Phase I project, 55 NE 2nd Street. A $230 million loan is earmarked for construction of Phase II, an adjacent development at 50 NE 3rd Street.
SCALE Lending, the debt financing arm of Slate Property Group, provided the funding. In August 2022, SCALE furnished a $195 million cross-collateralized facility for the purchase and development of Phase I, a $172 million loan for Phase II’s development site acquisition and construction, and a $23 million land loan. JMA is serving as general contractor.
Phase I features 680 residences across 358,000 square feet. Phase II will offer 714 residential units across 395,000 square feet. Units will range in format from studios to two-bedroom homes and will offer balconies, floor-to-ceiling windows, stainless steel appliances, chrome finish baths, wood-style flooring, quartz kitchen countertops and backsplashes. Comprising a total of 1,394 units, the twin structures will be connected through the first through eighth floors.
Upscale amenities
The buildings will provide 62,000 square feet of indoor/outdoor amenity space on the seventh and eighth floors. Shared amenities will include a basketball court, bowling alley and dog wash. Each tower will offer its own gym, golf simulator, co-working spaces, movie theater room, outdoor terrace, party room and lounge. Also included: 269 parking spaces in a connected garage, and 7,100 square feet of ground-floor retail space.
Located in downtown Miami’s Central Business District, the towers’ site is near public transportation, including the Metromover and the 25-mile Metrorail, which connects to Miami International Airport. Retail and dining options are available on Flagler Street two blocks from the development, and Mary Brickell Village features a variety of restaurants and bars within a 20-minute walk.
Earlier this week, Ytech secured $566 million in construction financing for a 70-story, 195-unit luxury Miami condominium tower, The Residences at 1428 Brickell, which is expected to be complete in 2028.
