SCALE Lending, the lending affiliate of New York-based Slate Property Group, has originated a $195 million loan for Namdar Group for the development of a new residential property in downtown Miami. Greystone Capital Advisors arranged the financing.
The loan comes as more lenders and investors are seeing opportunities in the city and its environs as the South Florida metropolitan area sees an influx of population. It will allow Great Neck, New York-based Namdar Group to build two residential towers containing 640 units in one 41-story building and 714 units in another 43-story building. The planned Namdar Towers will total 1.2 million square feet.
South Florida foray
The loan marks SCALE’s first foray into the South Florida area, which has drawn increased attention from established and new lenders in recent quarters after showing more market durability through the pandemic and interest rate pressures.
“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 at Slate.
SCALE and the Namdar Group have been frequent partners on CRE lending deals in recent quarters. In November 2021, SCALE provided a $96 million construction and land loan to the Namdar Group for a pair of multifamily development projects in Jersey City at 26 Van Reipen Avenue. It also originated a $120 million construction loan to the Namdar Group in March 2021 for a separate multifamily project in Jersey City’s Journal Square area at 618 Pavonia Avenue.
The new SCALE-Namdar collaboration arrives as the Slate affiliate has built out its Brooklyn footprint in recent months with a $137 million loan for a 300-unit Williamsburg building project and a $55 million construction financing package for a 158-unit Crown Heights development.
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