MIAMI — SCALE Lending has provided a $460 million funding package for Namdar Group’s new Miami development consisting of two 43-story towers in the central business district. The facility is comprised of a $230 million bridge loan for the completion and lease-up of 55 NE 2nd Street (Phase 1), which contains 680 units across 358,000 square feet, and a $230 million construction loan for an adjacent ground-up development at 50 NE 3rd Street (Phase II), containing 714 residential units across 395,000 square feet. SCALE Lending is the debt financing division of Slate Property Group, a New York City-based development, property management and investment firm.
The two buildings will be connected from the first through eighth floors and comprise a total of 1,394 residential units. Phase I is nearing completion with the final temporary certificate of occupancy anticipated by the first quarter of 2026. Construction of Phase II began in September 2025, and completion is estimated for spring 2028.
JMA is the general contractor. Units range in layout from studios to two-bedroom residences and include a balcony, floor-to-ceiling windows, stainless steel appliances, 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 square feet of retail located on the ground floor. Combined, the buildings will feature 62,000 square feet of indoor and outdoor amenity space, including a gym, bowling alley and coworking spaces.
In addition to serving as the lender on the first and second phases, SCALE also provided New York City-based Namdar with a $195 million cross-collateralized facility in August 2022 for the purchase and development of Phase I, a $172 million construction loan for the purchase of the development site of Phase II and a $23 million land loan.