Namdar Group Secures $460 Million Financing for Miami Apartment Towers
Namdar Group obtained $460 million in construction and bridge loans for its two-tower apartment project in downtown Miami, featuring nearly 1,400 units. The financing reflects ongoing strong lending activity in South Florida despite higher interest rates and economic challenges.
Project Details
- Phase I: A 43-story building with 680 units located at 55 Northeast Second Street.
- Phase II: Planned 43-story tower with 714 units at 50 Northeast Third Street.
Loan Structure and Timeline
The financing consists of two $230 million loans, one for each tower:
- Phase I loan serves as bridge debt for completion and lease-up.
- Phase II loan provides construction financing.
Namdar expects to complete the first tower early next year. Construction of the second tower began in September 2025 with completion targeted for 2028.
These loans replace an earlier $195 million financing provided by Scale Lending in 2022.
Design and Amenities
Designed by Arquitectonica, the twin towers will be connected through the eighth floor and share a 269-space garage.
- 7,100 square feet of ground-floor retail space.
- 62,000 square feet of indoor and outdoor amenities located on the seventh and eighth floors.
“The loan for Phase I is bridge debt for its completion and lease-up, and the loan for Phase II is construction financing.”
— Scale Lending news release
Author’s summary: Namdar Group secured $460 million in financing to advance its two-tower, 1,400-unit apartment complex in Miami, underscoring robust lending in a competitive market.
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