Namdar Group Secures $460M Loan From Slate Property Group For Miami Development Project

The asset involved in this transaction is a development site located at 55 Northeast 2nd Street and 50 Northeast 3rd Street in the Miami market. The property is designated for a two-tower, 1,394-unit apartment project. The total loan amount secured for this project is $460,000,000, categorized as bridge and construction financing.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $460,000,000
• Lender: Martin Nussbaum - Slate Property Group
• Landlord: Joel Namdar & Ephraim Namdar - Namdar Group
• Loan Type: Bridge & Construction
• Project Phases: Phase I is a 43-story tower at 55 NE Second St. with completion expected early next year; Phase II at 50 NE Third St. began construction in September with completion anticipated in 2028.

Key individuals involved in this transaction includes Martin Nussbaum representing Slate Property Group, who provided the financing, whereas Joel Namdar and Ephraim Namdar represent Namdar Group, the landlord of the development site secured for this project.