Florida & Gulf Coast CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
SCALE Lending Closes $195M Buy and Build Loan for Residential Towers in Miami
Slate Property Group affiliate SCALE Lending has closed on a $195-million loan for the acquisition and construction of Namdar Towers in Miami, FL. Financing for the deal was brokered by Drew Fletcher and Bryan Grover of Greystone Capital Advisors.
Namdar Towers will consist of two residential high rises — 640 units in a 41-story tower and 714 units in a 43-story tower. The total project will be in excess of 1.2 million square feet.
The financing is SCALE Lending’s third deal with Namdar Group (both high-rise residential buildings in NJ) and its first deal in South FL.
“As SCALE Lending continues its expansion into new markets across the country, we’re excited to bring a desperately needed rental product to downtown Miami, which has predominantly been a for-sale condo market,” said Martin Nussbaum, co-founder and principal of Slate Property Group.
Photo courtesy Slate Property Group
- ◦Development
- ◦Financing
