Namdar nabs $460M in construction, bridge loans for 1,400-unit downtown Miami apartment towers
Namdar Group scored $460 million in cross-collateralized bridge and construction loans for its nearly 1,400-unit, two-tower apartment project in downtown Miami. The deal comes amid continuing lending in South Florida, despite higher interest rates and other economic headwinds. Great Neck, New York-based Namdar is developing Phase I with a 43-story, 680-unit tower at 55 Northeast Second Street, and plans Phase II with a 43-story, 714-unit tower at 50 Northeast Third Street. Slate Property Group’s financing arm, Scale Lending, provided the loan, according to the lender’s news release. The financing package consists of two $230 million loans, one for each tower. […]This article originally appeared on The Real Deal. Click here to read the full story.
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