Namdar Nabs $460M to Finish Multifamily Complex in Downtown Miami

Namdar Group secured a $460 million debt package to complete a two-tower multifamily development in Downtown Miami. SCALE Lending, the financing arm of Slate Property Group, provided the cross-collateralized loans.

The first phase — a 43-story high-rise with 680 units at 55 Northeast Second Street — is scheduled to be completed in the first half of 2026. A $230 million bridge loan will fund the completion and lease-up of the 358,000-square-foot building, per Scale.

The remainder of the financing will cover the ground-up construction of the second phase, another 43-story tower with 714 apartments at 50 Northeast Third Street. The 395,000-square-foot development is slated to be completed in 2028. 

The two buildings will be connected from the first to the eighth floors. The connection will house a 269-spot parking garage. Scale has already provided $390 million in financing for the project from Great Neck, N.Y.-based Namdar Group.

The debt package is one of the largest construction loans issued this year in South Florida. Just this week, Ytech secured $565 million, partly from J.P. Morgan, to build a 70-story luxury condo tower in nearby Brickell. Last week, Newgard Group and Two Roads Development obtained $513 million for a two-tower condo complex, including a Standard Hotel-branded high-rise.

Scale Lending has remained active in South Florida over the last year, providing construction loans for a transit-oriented multifamily development and the first phase of Terra’s mixed-use development in Miami-Dade County.

A representative for Namdar Group did not immediately respond to requests for comment.

Julia Echikson can be reached at jechikson@commercialobserver.com.