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SCALE Lending, the debt financing arm of Slate Property Group, has closed a $460 million cross-collateralized financing facility for Namdar Group. The funding supports the development of two 43-story multifamily towers located in downtown Miami, Florida.
The financing package includes a $230 million bridge loan for Phase I, the completion and lease-up of 55 NE 2nd Street, a 680-unit residential tower totaling 358,000 square feet. The remaining $230 million will be issued as a construction loan for Phase II, a ground-up development at 50 NE 3rd Street that will feature 714 residential units spread across 395,000 square feet.
Both towers will be connected from the first through eighth floors, resulting in a combined total of 1,394 residential units. JMA is serving as the general contractor for the project.
The development will also include 7,100 square feet of retail space on the ground floor. Tenants of both towers will share an expansive 62,000 square feet of indoor and outdoor amenity space, located on the 7th and 8th floors.
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