New York City and Miami-based real estate development and investment firm Naftali Group has secured a $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, the $1 trillion+ asset manager.
“Securing this C-PACE loan represents another major milestone for JEM Private Residences as we continue to bring this exciting project to fruition,” said Miki Naftali, Chairman and CEO of Naftali Group. “Building on the momentum of our record-breaking groundbreaking just five months after launching sales, we are thrilled to see the development progressing. We are looking forward to completing this fantastic project.”
C-PACE, which stands for Commercial Property Assessed Clean Energy, provides flexible financing solutions for sustainable commercial real estate projects. Available in 40 states and Washington D.C., C-PACE has grown rapidly as an attractive alternative financing solution within the commercial real estate market. 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.
Chris Lawton, Managing Director, Head of Originations, NGC, said, “We were honored to partner with Naftali Group to fund this impressive new development. By leveraging C-PACE’s accretive financing, the Sponsor was able to lower their project costs, while gaining liquidity during the early stages of development. This is an excellent example of C-PACE’s versatility and cost-efficiency.”
Located within Miami Worldcenter, JEM Private Residences is the jewel of Downtown Miami. The luxury condominium tower designed by world-renowned firms Arquitectonica and Rockwell Group will rise over 700 feet tall and span 67 stories, defining itself as a focal point within the city. The property offers 259 condominium residences beginning from the 43rd floor to ensure all residents experience picturesque city views of Downtown Miami. The 50th floor amenity suite includes resort-style amenities such as an indoor Sky Lounge, a 60-foot outdoor pool, a state-of-the-art fitness center, a boxing arena, a yoga patio, and a spa suite, with a steam room, salt room and sauna. Additionally, the property boasts a thoughtful co-working space and a spirits tasting room awaits for a refined social experience. JEM Private Residences is slated for completion in Q4 of 2027.
Renderings via Hayes Davidson
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