SCALE Lending issues $460 million loan for downtown Miami development

Miami, FL SCALE Lending, the debt financing arm of Slate Property Group, has finalized a $460 million cross-collateralized facility for the Namdar Group (Namdar) for two 43-story multifamily buildings located in downtown.

The facility will be comprised of a $230 million bridge loan for the completion and lease-up of 55 NE 2^nd St. (Phase 1), which contains 680 residential units across 358,000 s/f, and $230 million issued in the form of a construction loan for the ground-up construction of an adjacent development at 50 NE 3^rd St. (Phase II), containing 714 residential units across 395,000 s/f. The two buildings will be connected from the first through eighth floors and comprise a total of 1,394 residential units.

JMA serves as the general contractor.

Phase I is nearing completion with the final TCO anticipated in Q1 2026. Construction of Phase II commenced in September 2025 and completion is estimated for spring 2028. Upon completion, Namdar plans to lease all units, which range in format from studios to 2-bedroom residences and include a balcony, floor-to-ceiling windows, Frigidaire stainless steel appliances, chrome finish baths, wood-style flooring and Quartz kitchen countertops and backsplashes.

The project will add 269 parking spaces in the connected garage, located on the second through sixth floors, and 7,100 s/f of retail located on the ground floor. Combined the buildings will feature 62,000 s/f of indoor/outdoor amenity space located on the 7^th and 8^th floors which will be shared amongst tenants of both towers. Top-tier amenities – a gym, golf simulator, movie/theater room, co-working spaces, party room, outdoor terrace, lounge – will be offered in both buildings, in addition to unique amenities accessible by both, including a basketball court, a bowling alley, dog wash and more.

“Our long-standing relationship with Namdar Group is built on trust and a shared commitment to delivering exceptional, institutional-quality multifamily assets,” said Martin Nussbaum, founder and principal, Slate Property Group. “This project reflects that partnership and our confidence in the strength of Downtown Miami’s housing market, where population growth and demand for high-quality rental product remain among the strongest in the country.”

SCALE is the current lender on both Phase I and Phase II. SCALE provided Namdar with a $195 million cross-collateralized facility in August 2022 for the purchase and development of Phase I, a $172 million construction loan and purchase of the development site of Phase II, a $23 million land loan.

Located in the city’s Central Business District (CBD), the project will have access to transportation, including the Metromover and the 25-mile Metrorail that connects to Miami International Airport (MIA) in under 40 minutes and covers other submarkets of Miami-Dade such as South Miami, Coral Gables and Hialeah. Flagler St., a hub for shops and restaurants, is located two blocks from the project and Bayside Marketplace, an open-air shopping center is just a walk from the property. Mary Brickell Village, located within a 20-minute walk or 7-minute drive from the property, is a major nightlife area and has many of Miami’s popular bars and restaurants.

“SCALE has financed more than $4 billion in loan originations for residential projects, and this ambitious project is our biggest, illustrating the continued strength and ongoing expansion of our credit business,” said Daniel Ridloff, managing director, Slate Property Group.

 This financing follows SCALE’s $105 million construction loan for the Metro Parc South Development in Miami’s Hialeah neighborhood and a $79 million construction loan for the redevelopment of Silver Sky Global Capital’s Bath + Racquet Residences in downtown Sarasota. In December 2024, SCALE issued a $170 million construction loan to Terra for a 578-unit multifamily building within its $1 billion Upland Park development in West Miami-Dade County. This loan continues SCALE’s recent momentum, announcing more than $1.5 billion in closings over the past year.