Slate Property’s debt financing arm has provided Namdar Group with a $460m (€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: “Our long-standing relationship with Namdar Group is built on trust and a shared commitment to delivering exceptional, institutional-quality multifamily assets.
“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.”
Daniel Ridloff, managing director, Slate Property, said: “SCALE 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.”
To read the latest IPE Real Assets magazine click here.
