Naftali Group Secures $465 Million In Construction Financing for JEM Private Residences in Miami Worldcenter

Real estate development and investment firm Naftali Group has secured a combined $465 million in construction loan financing for the development of JEM Private Residences in Downtown Miami. Nuveen Green Capital (NGC), a leader in sustainable commercial real estate financing solutions and an affiliate of Nuveen, provided $235 million in C-PACE financing, while Bank Hapoalim (BHI) supplied an additional $230 million in traditional construction loans.

Located in the heart of Downtown Miami’s urban core within Miami Worldcenter, JEM Private Residences is a 67-story luxury tower designed by Arquitectonica and Rockwell Group, featuring 259 residences beginning on the 43rd floor, including exclusive Sky Villas with Interiors by FENDI Casa that crown the top of the development with the brand’s timeless aesthetic. Its 50th-floor amenity suite offers resort-style living with a 60-foot outdoor pool with a sculpture by Lorenzo Quinn, indoor Sky Lounge, state-of-the-art fitness center, boxing arena, yoga patio, spa suite with steam, salt, and sauna rooms, along with a co-working space and spirits tasting room for refined social experiences.

“Today, we closed the second phase of our construction loan while hundreds of construction workers are working hard on building our remarkable project in the heart of Miami Worldcenter,” said Miki Naftali, Chairman and CEO of Naftali Group. “Our JEM private residences offer quality second to none in one of the only walkable destinations in Miami with world-class retail, museum and cultural institutions, entertainment and incredible dining. It is the center of all major transportation, like the Brightline, Metrorail and the Miami International Airport. With JEM Private Residences, we’re bringing a new level of design, quality and attention to detail that defines our work, creating a building that will stand the test of time in the Miami skyline.”

Alexandra Cooley, CEO and Chief Investment Officer of Nuveen Green Capital, said, "It was an honor to partner with Naftali Group once again for this notable luxury property in downtown Miami. By leveraging C-PACE's low-cost, long-term financing and structuring flexibility, in combination with BHI’s senior construction loan, Naftali was able to finance their project cost-effectively. This record-setting transaction—the largest C-PACE-financed multifamily project to date in Florida—underscores the continued adoption of C-PACE by institutional borrowers to fund their large-scale projects.”

“South Florida remains a key market within BHI’s strategic growth plan, and partnering with developers who bring meaningful, lasting impact to the region is central to our approach,” said Ilana Druyan, Senior Vice President – Team Leader and Head of International Origination – CRE at BHI. “Naftali Group’s presence in Miami is growing, and we’re pleased to support their ongoing efforts to expand compelling inventory throughout the Miami market.”

Construction progress for JEM Private Residences is already underway. The project broke ground in April 2024, just under 6 months after bringing the project to market, which is atypical for the Miami real estate market. That momentum is reflected in the market as well, with sales moving at a strong pace, including the recent $8 million sale of Sky Villa 2 with Interiors by FENDI Casa. This move speaks to Naftali Group’s track record as a developer and underscores its confidence in the continued efforts to bring high-quality residential products to South Florida. The project is now rising past its sixth level and remains on track to be completed in Q4 of 2027.

Renderings via Hayes Davidson

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MEC Development Associates & B Developments Locks Down Construction Financing For Casa Grove, To Break Ground In January

MEC Development Associates and B Developments plan to break ground on Casa Grove in January. The developers who are developing the project as a joint venture recently locked down a $27 million construction loan for the approved luxury apartment tower from Israeli lender Bank Hapoalim (BHI). Casa Grove which will bring 130 rental apartment units to 2900 Southwest 28 Lane. B Developments purchased the 1-acre property in 2015 for $6.1 million. The project is being designed by Itec Design and will rise 12-stories, featuring 200,000 SF of total development including 12,000 SF of commercial space. Units will start at 635 SF and range up to 1,400 SF and amenities will include a 5th floor amenity deck and direct access to the Underline. The transit oriented project is located just a short distance from the Coconut Grove Metrorail Station, offering residents immediate access to the Metrorail. The project will help kick-off the Underline, the new landscaped recreational public space under the metro rail. Public space from Casa Grove will feed into the Underline, providing a seamless connection to the new initiative. Casa Grove is expected to be completed in 2019.

PROFILEmiami first broke then news covering the announcement of Casa Grove in October 2016.