SCALE Lending, the debt financing arm of Slate Property Group, has finalized a $460 million cross-collateralized facility for the Namdar Group, a family-owned full-service commercial real estate development, construction and management company, for two 43-story multifamily buildings located in downtown Miami.
The facility will be comprised of a $230 million bridge loan for the completion and lease-up of 55 NE 2nd Street (Phase 1), which contains 680 residential units across 358,000 square feet, and $230 million issued in the form of a construction loan for the ground-up construction of an adjacent development at 50 NE 3rd Street (Phase II), containing 714 residential units across 395,000 square feet. The two buildings will be connected from the first through eighth floors and comprise a total of 1,394 residential units.
JMA, a best-in-class construction management firm founded in 1985 with offices in Florida; Massachusetts; Virginia; and Washington, D.C., serves as th
