David Schwartz and Martin Nussbaum with rendering of Namdar Towers (Slate Assets Group)
Namdar Group scored a $195 million personal loan to get the improvement site and develop a pair of condominium towers in downtown Miami.
The New York-centered actual estate expense and progress firm desires to establish Namdar Towers, with a 41-story, 640-unit tower and a 43-tale, 714-unit tower, for a complete of far more than 1.2 million square ft, in accordance to the lender’s information release.
The web-site is at 222 Northeast Very first Avenue.
Slate Assets Group’s affiliate Scale Lending delivered the loan, marking its very first in South Florida, in accordance to Slate’s release.
Drew Fletcher and Bryan Grover of Greystone Funds Advisors organized the funding.
In November, Scale furnished a $96 million mortgage for two Namdar multifamily jobs in Jersey Town. The financing broke down to $73 million for building of a 235-unit making, and $23 million to replace the present land acquisition personal loan for a nearby parcel, slated for Namdar’s 576-unit project.
Namdar Towers is the most up-to-date in a slew of projects on tap or proposed for downtown Miami.
Lions Team NYC and Fortis Style and design + Create want to develop the 57-story M Tower with 675 units at 56 and 70 Southwest Very first Avenue, and at 65 Southwest Second Avenue.
In March. Miki Naftali’s Naftali Group and Cara Genuine Estate Administration compensated $40.5 million for a Miami Worldcenter growth web-site at 1016 Northeast Second Avenue, with ideas for a pair of supertall household towers. It’s unclear if they will be residences or condominiums.
Namdar’s advancement site is two blocks away from Brightline’s MiamiCentral station. In March, Harbor Team International bought the pair of ParkLine Miami condominium towers atop the station in a file offer for roughly $450 million.
