Namdar Group reveals first Miami project
New York-based Namdar Group will build a pair of apartment towers in downtown Miami.
The developer, through affiliates 50 North Miami LLC and 222 North Miami LLC, recently paid a combined $40.5 million for 1.3 acres at 222 and 234 N.E. First Ave. Scale Lending, an affiliate of Slate Property Group, provided it with a $195 million loan for the project.
Namdar Towers would total 1.2 million square feet, with a 41-story tower featuring 640 units and a 43-story tower containing 714 units.
Apartments could rise in Fort Lauderdale
The Benjamin Cos. proposed demolishing an office building just south of downtown Fort Lauderdale to build a 30-story apartment project.
The New Jersey-based developer, through Ben Ft Laud LLC, would construct the project on the 2.4-acre site at 707 S.E. Third Ave. The Benjamin would total 1.17 million square feet, with 542 apartments, 13,764 square feet of commercial space and 801 parking spaces. There would be an amenity deck with a pool on the eighth floor.
HCA proposes free-standing ER
HCA Florida Aventura Hospital, part of HCA Healthcare, wants to build a free-standing emergency room in a shopping plaza between Miami Gardens and Hialeah.
Brixmor Property Group filed plans for a 10,930-square-foot facility to house the free-standing ER within the Shops at Palm Lakes, at 5750 N.W. 183rd St. HCA officials said the $12 million project would generate 40 jobs.
Mill Creek plans apartments in Coral Springs
Mill Creek Residential has the next part of Cornerstone in downtown Coral Springs under contract.
The second phase of the 6.3-acre project, at 3300 N. University Drive, was originally slated for a mix of office and commercial space, but Mill Creek Residential instead wants to build 361 apartments in eight stories, plus 24,200 square feet of ground-floor retail and restaurant space.
It’s already building 351 apartments for the first phase of the project.
Related Urban seeks deal
Related Urban Development Group, the affordable housing arm of the Related Group, wants approval to build a mixed-income housing project on Miami-Dade County land near the Miami River.
The county could award the developer a land lease for the 1.1-acre site at 395 N.W. First St. and 25 N.W. River Drive. A county office building would be replaced by the Gallery at Lummus Parc, featuring 439 apartments, 5,400 square feet of retail space and a 478-space parking garage in two 30-story towers. The residences would include 20% affordable housing units and 20% workforce housing units.
Lender targets unfinished condo
The uncompleted Arbor condominium project in Miami’s Coconut Grove has been targeted in an $18.1 million foreclosure lawsuit.
Trez Capital (Florida) Corp. filed a foreclosure complaint against 3034 Oak Park LLC, along with loan guarantor Nicholas Hamann. The lawsuit also names 10 contractors over active construction liens they have against the developer, as the lender seeks to have its mortgage repaid before the construction liens.
The lawsuit concerns the 35,850-square-foot site at 3034 Oak Ave., where Hamann’s company is building the five-story, 48-unit Arbor.
Hamann held a groundbreaking ceremony for Arbor in 2017. Two years later, Trez Capital provided a $20.7 million construction loan for the project.
According to the complaint, Trez Capital entered into a loan forbearance agreement with 3034 Oak Park LLC on June 20 because the borrower didn’t repay the loan by the previous maturity date and the project was not finished. The forbearance agreement called for the borrower to make equity payments of $750,000 and $4.25 million by June 27 and July 13, respectively, and reimburse the lender for attorneys’ fees incurred while negotiating the forbearance deal. The complaint states the borrower failed to comply with these terms, and the building remains unfinished.
Hamann said he’s in the late stages of refinancing the property with a new lender.
“This lawsuit is going to get dismissed relatively quickly,” he said. “The project is 100% sold out.”
Hamman is about 90% done with construction, so he hasn’t been able to close on any of those sales yet.
BY THE NUMBERS
$25 million
Price that Scott C. Collins of Summit Partners paid for new mansion at 436 Ocean Blvd. in Golden Beach
650,000 sq. ft.
Size of ODP Corp.’s Boca Raton headquarters, which is under contract to Pebb Enterprises and BH Group
$101.4 million
Construction loan Integra obtained for the Biscayne Shores apartments in Miami-Dade County
$100 million
Funds the University of Florida has raised to build a campus in West Palm Beach
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