Namdar Group has secured a $460 million financing package to advance a large-scale, two-tower apartment development in downtown Miami, reinforcing continued confidence in the city’s multifamily real estate market despite higher interest rates and ongoing economic headwinds.
The financing, provided by Scale Lending, consists of two $230 million loans—one bridge loan supporting the completion and lease-up of Phase I, and one construction loan funding Phase II. Each phase will deliver a 43-story residential tower, totaling nearly 1,400 rental units in one of Miami’s most active urban corridors.
Project Overview & Location
Located along Northeast Second and Third Streets in downtown Miami, the development is positioned near major employment centers, cultural destinations, and transit options. Its central location places residents within close proximity to Biscayne Boulevard, Bayfront Park, the Arts & Entertainment District, and key downtown commercial hubs.
Design & Residential Features
Designed by renowned architecture firm Arquitectonica, the towers will offer a contemporary residential experience with a mix of studio, one-bedroom, and two-bedroom apartments. Residences are expected to feature efficient layouts, expansive windows for abundant natural light, and modern interior finishes tailored for urban living.
Amenities & Shared Spaces
The two towers will be connected up to the eighth floor and will share an extensive amenity program spanning approximately 62,000 square feet across the seventh and eighth floors. Planned indoor and outdoor amenities include lifestyle and wellness spaces designed to support work-from-home flexibility, social gatherings, and recreational use.
Additional project features include:
- • Approximately 7,100 square feet of ground-floor retail space
- • A shared 269-space structured parking garage
- • Landscaped outdoor areas and resident lounges
- • Fitness, leisure, and multipurpose amenity spaces
Development Timeline
Phase I, consisting of 680 residential units, is expected to be completed and delivered early next year. Construction on Phase II, which will add 714 units, began in September and is projected for completion in 2028.
Market Significance
The financing replaces prior loans issued in 2022 and reflects a broader resurgence in construction lending activity across South Florida. Downtown Miami continues to attract substantial investment as developers respond to sustained demand for rental housing, driven by population growth, lifestyle migration, and long-term urban expansion.
As one of the largest multifamily projects currently underway in downtown Miami, the Namdar development underscores the area’s evolving residential landscape and its position as a key hub for high-density, amenity-driven living.
