Slate Property鈥檚 debt financing arm has provided Namdar Group with a $460m (鈧�400m) loan to fund the construction, completion and lease-up of two 43-storey multifamily buildings in the US.
SCALE Lending said the facility for the downtown Miami, Florida, properties comprises a $230m bridge loan for completing the first phase of the 55 NE 2nd Street project and a $230m construction loan for the second phase of the 50 NE 3rd Street asset.
SCALE Lending is the current lender on both Phase I and Phase II. SCALE provided Namdar with a $195m cross-collateralised facility in August 2022 for the purchase and development of Phase I, a $172m construction loan and purchase of the development site of Phase II, a $23m land loan.
Martin Nussbaum, founder and principal, Slate Property, said: 鈥淥ur long-standing relationship with Namdar Group is built on trust and a shared commitment to delivering exceptional, institutional-quality multifamily assets.
鈥淭his project reflects that partnership and our confidence in the strength of Downtown Miami鈥檚 housing market, where population growth and demand for high-quality rental product remain among the strongest in the country.鈥�
Daniel Ridloff, managing director, Slate Property, said: 鈥淪CALE has financed more than $4bn in loan originations for residential projects, and this ambitious project is our biggest, illustrating the continued strength and ongoing expansion of our credit business.鈥�
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