Massive Miami Residential Project Obtains C-PACE Loan

Naftali Group secured $40 million in C-PACE financing loan for the development of JEM Private Residences in Downtown Miami. The financing was provided by Nuveen Green Capital (NGC), a leader in sustainable commercial real estate financing solutions and an affiliate of Nuveen. Naftali Group also received $35 million in predevelopment financing from BHI, the U.S. division of Bank Hapoalim. 

The 67-story project at 1016 Northeast 2nd Avenue in Miami Worldcenter will mix 259 condos with 530 apartment units, along with commercial space and 591 parking spaces.

C-PACE, which stands for Commercial Property Assessed Clean Energy, provides flexible financing solutions for sustainable commercial real estate projects. C-PACE financing will be used to fund the building’s energy efficiency and resiliency measures, including envelope, lighting, structural materials, water efficiency measures, energy efficiency consulting, and elevator systems. Through C-PACE, the sponsor was able to reduce the blended cost of capital for the project.

JEM Private Residences is slated for completion in Q4 of 2027.

The post Massive Miami Residential Project Obtains C-PACE Loan appeared first on Connect CRE.