The Namdar Group has secured a significant $460 million in financing for two major multifamily towers in downtown Miami. This substantial investment will fuel the completion of an existing project and the construction of a new adjacent development, promising to add nearly 1,400 high-end residential units to the Miami skyline by 2028.
Key Takeaways
- Namdar Group has secured $460 million in loans for two downtown Miami multifamily towers.
- The financing includes $230 million for Phase I completion and lease-up, and $230 million for Phase II construction.
- Upon completion in 2028, the project will feature nearly 1,400 high-end units.
- SCALE Lending provided the debt financing.
Project Details and Financing
The $460 million financing package is divided equally between the two phases of the development. A $230 million bridge loan is allocated for the completion and lease-up of Phase I, located at 55 NE 2nd Street. The remaining $230 million loan is earmarked for the construction of Phase II, an adjacent development at 50 NE 3rd Street.
SCALE Lending, the debt financing arm of Slate Property Group, is the provider of this crucial funding. This new financing builds upon previous support from SCALE, which in August 2022 provided a $195 million cross-collateralized facility for Phase I’s purchase and development, along with a $172 million loan for Phase II’s site acquisition and construction, and a $23 million land loan.
Unit Mix and Amenities
Phase I will consist of 680 residences spread across 358,000 square feet, while Phase II will add 714 residential units spanning 395,000 square feet. In total, the twin towers will offer 1,394 units, ranging from studios to two-bedroom configurations. These residences are designed with modern living in mind, featuring balconies, floor-to-ceiling windows, stainless steel appliances, contemporary bathrooms, wood-style flooring, and quartz countertops.
The buildings are designed to be connected from the first through the eighth floors. Residents will have access to extensive indoor and outdoor amenity spaces totaling 62,000 square feet across the seventh and eighth floors. Shared amenities will include a basketball court, bowling alley, and a dog wash station. Each tower will also boast its own gym, golf simulator, co-working spaces, movie theater room, outdoor terrace, party room, and lounge. Additionally, the development will include 269 parking spaces in a connected garage and 7,100 square feet of ground-floor retail space.
Prime Downtown Miami Location
The towers are strategically situated in downtown Miami’s Central Business District, offering convenient access to public transportation, including the Metromover and the Metrorail, which connects to Miami International Airport. The surrounding area provides ample retail and dining options, with Flagler Street just two blocks away and Mary Brickell Village within a 20-minute walk.