MIAMI — SCALE Lending, the debt financing arm of New York City-based Slate Property Group, has provided a $460 million cross-collateralized facility on behalf of the Namdar Group for two adjacent apartment towers under development in downtown Miami.
The facility will comprise a $230 million bridge loan for the completion and lease-up of 55 N.E. 2nd Street (Phase I), which contains 680 multifamily units across 358,000 square feet; and a $230 million loan for the ground-up construction of 50 N.E. 3rd Street (Phase II), which comprises 714 apartment units across 395,000 square feet. The two 43-story towers will be connected from the first through eighth floors upon completion.
Phase I is slated for completion in the first quarter of 2026. Construction of Phase II commenced in September 2025, with completion estimated for spring 2028. Units range in size from studios to two-bedroom layouts.
A connected garage on the second through sixth floors will include 269 parking spaces, and the ground floor will feature 7,100 square feet of retail space. Combined, the buildings will include 62,000 square feet of amenity spaces on the seventh and eighth floors to be shared by tenants of both towers. Both buildings will offer gyms, golf simulators, movie rooms, coworking spaces, party rooms, outdoor terraces and lounges. A shared basketball court, bowling alley and dog wash will also be available.
Located in Miami’s central business district, the project will have access to transportation options, including the Metromover and the 25-mile Metrorail that connects to Miami International Airport.
SCALE is the current lender on both phases of the project. SCALE provided Namdar with a $195 million cross-collateralized facility in August 2022 for the land purchase and development of Phase I, a $172 million construction loan and a $23 million loan for the purchase of the development site for Phase II.
Martin Nussbaum, founder and principal of Slate Property Group, says that the project reflects his firm’s “confidence in the strength of downtown Miami’s housing market, where population growth and demand for high-quality rental product remain among the strongest in the country.”
The financing follows SCALE’s $105 million construction loan for the Metro Parc South development in the Miami suburb of Hialeah, Fla., and a $79 million construction loan for the redevelopment of Bath + Racquet Residences in downtown Sarasota, Fla. The lender has announced more than $1.5 billion in closings over the past year.
Great Neck, N.Y.-based Namdar is a family owned and operated real estate investment and development firm focused on mixed-use, transit-oriented developments.
— Kristin Harlow