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Namdar nabs $195M loan for downtown Miami apartment towers
Slate Property Group is the lender
Namdar Group scored a $195 million loan to buy the development site and build a pair of apartment towers in downtown Miami.
The New York-based real estate investment and development firm wants to build Namdar Towers, with a 41-story, 640-unit tower and a 43-story, 714-unit tower, for a total of more than 1.2 million square feet, according to the lender’s news release.
The site is at 222 Northeast First Avenue.
Slate Property Group’s affiliate Scale Lending provided the loan, marking its first in South Florida, according to Slate’s release.
Drew Fletcher and Bryan Grover of Greystone Capital Advisors arranged the financing.
In November, Scale provided a $96 million loan for two Namdar multifamily projects in Jersey City. The financing broke down to $73 million for construction of a 235-unit building, and $23 million to replace the existing land acquisition loan for a nearby parcel, slated for Namdar’s 576-unit project.
Namdar Towers is the latest in a slew of projects on tap or proposed for downtown Miami.
Lions Group NYC and Fortis Design + Build want to build the 57-story M Tower with 675 units at 56 and 70 Southwest First Street, and at 65 Southwest Second Street.
In March. Miki Naftali’s Naftali Group and Cara Real Estate Management paid $40.5 million for a Miami Worldcenter development site at 1016 Northeast Second Avenue, with plans for a pair of supertall residential towers. It’s unclear if they will be apartments or condominiums.
Namdar’s development site is two blocks away from Brightline’s MiamiCentral station. In March, Harbor Group International bought the pair of ParkLine Miami apartment towers atop the station in a record deal for roughly $450 million.