The Namdar Group has secured a $195 million loan for the acquisition and construction of Namdar Towers in Downtown Miami, Commercial Observer has learned.
Slate Property Group affiliate SCALE Lending provided the loan. Greystone Capital Advisors brokered the deal with a team led by Drew Fletcher and Bryan Grover.
Located at 222 NE 1st Avenue, the Namdar Towers development will have two residential towers consisting of 640 units in a 41-story tower and 714 units in a 43-story building. The total project will be in excess of 1.2 million square feet, according to a release.
“As SCALE Lending continues its expansion into new markets across the country, we’re excited to bring a desperately needed rental product to Downtown Miami, which has predominantly been a for-sale condo market,” Martin Nussbaum, co-founder and principal of Slate Property Group, said in prepared remark. “Our repeat work with Namdar Group is further proof that SCALE Lending is a reliable partner that can provide flexible and quick capital solutions in the trickiest of times for successful projects across the country, even amid inflation and rising rates.”
The financing is SCALE Lending’s first deal in South Florida. The lender also recently provided $55 million in construction financing for the development of 158 units in Crown Heights, Brooklyn and an $86.7 million loan for multifamily development in Williamsburg.
Officials at the Namdar Group did not immediately respond to a request for comment.