Great Neck, NY-based real estate investment and development firm Namdar Group has secured $195 million in acquisition and construction funding for Namdar Towers, two residential buildings of 41- and 43-stories planned for 222 Northeast 1st Avenue in Downtown Miami. The loan came from an affiliate of New York’s Slate Property Group – SCALE Lending – brokered by associates of Greystone Capital Advisors. Plans for the residential project include 1.2 million square feet of space with 1,354 residential units between both towers.
Namdar Group acquired the 1.263-acre site for $40.5 million, which is generally located along the western frontage of Northeast 1st Avenue between Northeast 2nd and 3rd Streets. The development site includes grade level parking lots at 50, 60 Northeast 3rd Streets, and 222 Northeast 2nd Avenue, which were acquired from several LLC’s with the ‘Demeris’ moniker managed by Daniel Stone for $30.5 million, and a retail building at 234 Northeast 2nd Avenue acquired from J E D E Land Holdings LLC for $10 million. One 5,000-square-foot site in between the assemblage at 228 Northeast 1st Avenue did not sell and will remain improved with a 96-year-old hotel, which will eventually be flanked by two soaring apartment towers, as seen in the only rendering available of the proposed project. The property is a block away from the College Bayside Metromover Station.
If the rendering is scaled correctly, the south tower appears to be the shortest of the two, and is proposed to yield 640 units across 41-stories, while the taller 43-story north tower yields 714 units. We don’t have information on the proposed heights of the towers, but one can assume that at 41 and 43 stories, both towers could rise well above 400 feet. Bezel at Miami Worldcenter spans 43 stories and tops of at around 494 feet, and Caoba at Miami Worldcenter also spans 43 stories at tops off at around 441 feet. An architect is not yet known, but several other residential projects from Namdar Group in Jersey City, NJ – also funded by SCALE Lending – were designed by C3D Architecture PLLC, there is the possibility that the same firm may behind the design of the Namdar Towers too.