Namdar pays $41M for downtown Miami apartment towers dev site

Buyer also secured $195M loan

50 and 60 Northeast Third Street and 222 and 234 Northeast First Avenue (Google Maps)
50 and 60 Northeast Third Street and 222 and 234 Northeast First Avenue (Google Maps)

UPDATED, Aug. 30, 11:56 a.m.: Namdar Group paid $40.5 million for the downtown Miami development site where it plans to build a pair of apartment towers.

The New York-based firm bought 1.3 acres at 50 and 60 Northeast Third Street, and at 222 and 234 Northeast First Avenue in two deals, according to records.

Namdar also scored a $195 million loan for the purchase and construction of the towers, according to records. Slate Property Group’s affiliate Scale Lending provided the financing.

The planned Namdar Towers would consist of a 41-story, 640-unit building and a 43-story, 714-unit building, totaling more than 1.2 million square feet.

Entities led by Daniel Stone sold the parking lot and land at 50 and 60 Northeast Third Street, as well as at 222 Northeast First Avenue, for $30.5 million, according to records. Rani Hussami of Apex Capital Realty brokered that deal.

An affiliate of Jaime and Esther Waserstein, part of the Waserstein family that started the ShoeGallery business in Miami, sold the retail building at 234 Northeast First Avenue for $10 million. The property includes a ShoeGallery store.

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Namdar is a family owned development firm founded in 1979, according to its website. Ephraim Namdar, who has been identified as the company’s founder and CEO in past media reports, manages the LLC that purchased the Miami property.

The company has been active in Jersey City’s Journal Square neighborhood. In July, Namdar topped out two 27-story mixed-use towers with a combined 667 units, according to real estate website Jersey Digs.

Namdar Towers would be the latest addition to downtown Miami, which has caught multifamily developers’ interest.

Jorge Pérez and Jon Paul Pérez’s Related Group, along with ROVR Development, want to build a 48-story tower with 1,200 units on the site of the College Station Garage at 190 Northeast Third Street. The site is across the street from the Namdar Towers site.

Lions Group NYC and Fortis Design + Build want to build the 57-story, 675-unit M Tower at 56 and 70 Southwest First Street and at 65 Southwest Second Street.

In another downtown project, Hyatt and Gencom want to redevelop the James L. Knight Center and attached Hyatt Regency Miami hotel into a three-tower development called Miami Riverbridge. Plans call for 1,500 apartments, a new 615-key Hyatt hotel with 264 service-branded apartments, and a 190,000-square-foot convention space.

The proposal is up for voter approval in a November referendum.