Namdar Group has secured $460 million in financing for a two-building multifamily development in Miami's central business district downtown area that will bring nearly 1,400 residential units to the market.
This project is broken down into two phases: 55 NE 2nd Street (Phase one) and 50 NE 3rd Street (Phase two). The first portion is nearing the delivery of 680 residential units, as SCALE Lending is providing a $230 million bridge loan to support the lease-up and completion. For 50 NE 3rd, the lender is issuing another $230 million for the ground-up construction that will build 714 units. Previously, SCALE provided Namdar with $195 million for the original purchases of the land and the development of the site.
The full development calls for two 43-story buildings, with Phase one getting 358,000 square feet and the other spanning 395,000 square feet. Both will provide connectivity from the first through the eighth floors. The residences range from studios to two-bedroom units and include stainless steel appliances, quartz kitchen counter tops, a balcony and floor-to-ceiling windows. The 7th and 8th floors in each building will combine for 62,000 square feet of amenity space, which includes a gym, a golf simulator, co-working spaces, an outdoor terrace, a lounge, a movie room and a party room. Plus, the site will contain a garage that fills 269 parking spots.
The development sites are located near the Metrorail, which can get residents to other areas such as Coral Gables, Hialeah and South Miami, as well as the Miami International Airport.
“Our long-standing relationship with Namdar Group is built on trust and a shared commitment to delivering exceptional, institutional-quality multifamily assets,” Martin Nussbaum, founder and principal of Slate Property Group, the parent company of SCALE.
“This project reflects that partnership and our 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.”
With Phase one nearing completion, Phase two is forecasted to finish in the spring of 2028. Namdar envisions that all units at the site will be leased. JMA is serving as the general contractor.
Recently, SCALE has been involved in other major lending projects in the Southern part of Florida. This includes providing a $79 million construction loan to redevelop Downtown Sarasota's Silver Sky Global Capital’s Bath + Racquet Residences and $105 million in financing for Hialeah's Metro Parc South Development. Also, in late 2024, the lender provided $170 million to support the construction of Terra's $1 billion Upland Park in West Miami-Dade County. In the past 12 months, SCALE said it has closed more than $1.5 billion in loans.
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