Slate Property Group subsidiary SCALE Lending announced that it has secured a $195 million loan for the acquisition and construction of Namdar Towers in downtown Miami.
The financing is SCALE Lending’s first deal in South Florida, one of the fastest growing rental markets in the United States. It is one of the many markets in which SCALE Lending is expanding its lending activities.
“As SCALE Lending continues to expand into new markets across the country, we are excited to bring a desperately needed leasing product to Downtown Miami, which has primarily been a market for condos for sale,” said Martin Nussbaum, co-founder and director of Slate Property Group. “Our repeated work with Namdar Group is further proof that SCALE Lending is a reliable partner who can provide flexible and rapid capital solutions in the most difficult times for successful projects across the country, even in the midst of inflation. and rising interest rates.
The Namdar Towers development in Miami will consist of two residential towers – 640 units in a 41-story tower and 714 units in a 43-story tower. The total project will exceed 1.2 million square feet.
Financing for the transaction was arranged by Drew Fletcher and Bryan Grover of Greystone Capital Advisors.
This is SCALE Lending’s latest deal with the Namdar Group, a family developer who worked with SCALE Lending to complete two other projects, both high-rise residential buildings in Journal Square, Jersey City.
One of the most active lenders in the New York metropolitan market for construction financing, SCALE Ready is the lending subsidiary of Slate Property Group that directly provides senior mortgage financing secured by commercial real estate assets, with a focus on senior secured bridging loans secured by commercial real estate mortgages in the New York metropolitan area. York.
SCALE Lending also recently announced major projects in Brooklyn, providing $55 million in construction financing for the 158-unit development in Crown Heights and a $137 million loan for a 300-unit project in Williamsburg.
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