Scale Closes on $460M Financing for Two Miami Rental Communities
SCALE Lending, the debt financing arm of Slate Property Group, finalized a $460 million cross-collateralized facility for the Namdar Group, for two 43-story multifamily buildings located in downtown Miami, FL.
The facility will be comprised of a $230 million bridge loan for the completion and lease-up of 55 NE 2nd Street (Phase 1), which contains 680 residential units across 358,000 square feet, and $230 million issued in the form of a construction loan for the ground-up construction of an adjacent development at 50 NE 3rd Street (Phase II), containing 714 residential units across 395,000 square feet. 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.
The project will add 7,100 square feet of retail located on the ground floor. Combined the buildings will feature 62,000 square feet of indoor/outdoor amenity space located on the 7th and 8th floors which will be shared amongst tenants of both towers.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout