MIAMI | Namdar Towers (222 NE 1st Avenue) | 448 FT X 2 | 43 + 41 FLOORS (1,354 Units)
SCALE Lending Provides $195M for Downtown Miami Resi Development
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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.
In other news these towers look about double the height of the Federal Courthouse a few streets down. The courthouse is 246 FT meaning we can see the 43-story tower be about 492 or about 500 FT. It'll definitely be above the 400 FT mark.
The site today, parking lot closed days after announcements. Funding is in place, permits needed for construction are in place, and everything seems about ready, no?
L&R Structural Corp. wrote in an Instagram story that 222 Namdar is “coming soon.”
Foundation equipment was spotted at the site in April.
A foundation permit was approved at the site of the first 680-unit tower in March 2023, with John Moriarty the contractor.
At the 222 Namdar site where construction is already underway, a tree permit has been issued.
Miami’s Building Department issued the permit on August 6, records show.
The permit includes the removal of 5 trees from the project site and 6 tree from the right of way. It also calls for 14 tree replacement plantings on the property, and 9 replacement plantings in the right of way.
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