Bayview PACE Provides $200 Million in C-PACE Financing for Florida’s Second-Tallest High-Rise, Okan Tower in Miami, Among the Largest Loans in the Country

Bayview PACE, a division of Bayview Commercial Mortgage Finance, has closed on $200 million in C-PACE financing for Okan Tower, a 72-story mixed-use high-rise being developed by Okan Group and designed by Behar Font & Partners. Having reached its 40th floor, more than halfway toward completion, Okan Tower at 555 N. Miami Ave. in downtown Miami will rise to 903 feet upon completion in 2028, becoming the second-tallest building in Florida.

Bayview PACE’s Commercial Property-Assessed Clean Energy (C-PACE) financing offers favorable and cost-effective terms for qualified improvements in energy, lighting, water systems, building envelope and other resiliency components, and it can be applied to new construction as well as renovations. C-PACE financings to date in the U.S. exceed well over $10 billion, according to the C-PACE Alliance. It has been approved through legislation in 40 states, gaining popularity among real estate owners and the financial institutions looking to serve them.

The C-PACE financing from Coral Gables, FL-based Bayview PACE completes the capital stack of financing for the new luxury skyscraper. The uppermost floors of Okan Tower include 163 luxury condo residences – branded as Sky Residences -- that will offer a new level of design, amenities and expansive views for the South Florida market. Just below the private residences will be 236 condo-hotel units available for sale and managed by Hilton. Below the condo-hotel homes will be a 316-key five-star Hilton hotel. The Okan Tower’s lower levels will offer four floors of office space totaling 56,000 square feet of space.

The Sky Residences’ high-end amenities feature a 24-hour concierge, rooftop pool and outdoor lounge area with private cabanas, wine cellar, owners lounge, a spa including sauna, steam, and massage rooms, and a 429-space on-site parking garage. Sales of the Sky Residences and condo-hotel units are well underway led by Fortune International Group.

“We are pleased to provide this C-PACE financing to help complete Okan Tower’s capital stack and support Okan Group’s objectives,” said Jeff Klar, Vice President of Bayview PACE. “Bayview crafted a creative financing solution that was accretive to the sponsor’s goals and aligned with the project’s construction timeline. This nine-figure C-PACE transaction underscores both Bayview’s structuring expertise and the financial strength of the broader Bayview platform.”

“The closing of Okan Tower’s $200 million C-PACE financing is a defining milestone that validates both the project and the strength of the Miami market. This level of lender commitment—particularly in today’s disciplined capital environment—confirms confidence in the capital stack, the long-term fundamentals, and the vision behind what will be one of Downtown Miami’s most spectacular and architecturally significant luxury towers. For buyers, this reinforces that the time to invest in Downtown Miami is now, while pricing, product, and global demand are aligning at an exceptional moment,” said Michael Sadov, Sales Director at Okan Tower.

Okan Group, a Turkish-based group of companies founded in 1972, is a leading multi-national firm active in healthcare, finance, food, textiles, tourism, energy, education and real estate including the development of dozens of projects around the world. One of the firm’s commercial property entities, Okan Construction, is the general contractor for Okan Tower.

Bayview PACE, a division of Bayview Commercial Mortgage Finance, LLC, provides creative financing solutions that combine C-PACE lending with construction and bridge capital. Unlike most PACE-only providers, Bayview PACE partners with commercial property owners and developers to deliver a full capital stack solution. Their OKAN Tower financing follows two other major Florida deals by Bayview PACE in recent months including $180 million in C-PACE for Domus Brickell Center and $137 million in C-PACE for the Westin Cocoa Beach Resort & Spa.

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Renderings via Okan Tower

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Rilea Group Secures $150 Million in Construction Financing for Mohawk at Wynwood in Miami

Miami-based real estate developer Rilea Group has closed on a $150 million construction financing package for Mohawk at Wynwood, a 300-unit multifamily community now under construction in the heart of Miami’s Wynwood Arts District.

The financing package includes $124.2 million in C-PACE capital from Nuveen Green Capital (NGC), a national leader in sustainable commercial real estate financing solutions, marking the largest C-PACE-financed multifamily transaction in the state of Florida to date, and a $25 million senior loan from Spain-based ABANCA USA, which serves as the senior secured lender for the transaction. The financing was arranged by Javier Herrera of Franklin Street.

“Mohawk at Wynwood represents the next frontier of Miami living – a project that fuses punk rock, high fashion, and renegade culture into an all-brick, steel, and glass building that feels both timeless and unapologetically new,” said Diego Ojeda, President of Rilea Group. “From the widest sidewalks in Wynwood—designed for outdoor dining and pedestrian life—to rooftop pools, lounges, padel courts, and 30,000 square feet of dynamic retail, Mohawk is more than a building, it’s a movement.

Bringing together a national powerhouse like Nuveen Green Capital with a relationship-driven institution like ABANCA is something we’re incredibly proud of,” Ojeda added. “ABANCA had the vision and conviction to finance our last multifamily project when many lenders stepped to the sidelines during the depths of COVID, and they continue to lead by example as one of the pioneers embracing C-PACE financing today. We’re equally grateful to Nuveen for placing their confidence in us with their largest multifamily loan in Florida, it speaks volumes about the strength of this project, this corridor, and our long-term partnership.

Slated for completion in 2028, Mohawk at Wynwood will offer expansive studios, one-, two-, and three-bedroom residences, including lanai units with private backyards. The building’s architecture features Chicago brick, industrial steel detailing, and floor-to-ceiling glass, echoing Wynwood’s artistic and warehouse-inspired aesthetic.

The project sits on NW 29th Street, now one of Miami’s fastest-growing corridors, with record-breaking rent growth and retail pricing that have made it one of the most valuable streets in the city.

Mohawk at Wynwood reflects Rilea Group’s position at the center of Miami’s most competitive development corridor. NW 29th Street has rapidly become one of the most sought-after streets in the city, attracting many of Miami’s heavyweight developers — including Related Group, Crescent Heights, AMLI (backed by Morgan Stanley), Kushner Companies, Terra Group, Oak Row Equities & L&L Holding, Carlos Rosso Development, PMG and OKO Group — who view the corridor as a long-term growth engine. Rilea Group is uniquely positioned with two projects at the heart of this corridor, reinforcing its emergence as a premier destination for residential, retail, and mixed-use development in Miami.

"We're proud to partner with Rilea Group and ABANCA on Mohawk at Wynwood, a project that redefines sustainable urban living," said Ryan Doyle, Senior Director of Originations at Nuveen Green Capital. "This is the largest C-PACE financing for a multifamily project in Florida, underscoring NGC's confidence in Miami's resilience and growth, as well as C-PACE's efficacy in financing large-scale development. Mohawk's design, efficiency, and community focus embody exactly the kind of forward-thinking development that will define the next decade of multifamily housing."

Rilea Group has launched the sale of Mohawk’s ground-floor retail spaces following the record-breaking success of retail sales at its adjacent condominium project, The Rider Residences. At The Rider Residences, Ciprés and Rilea Group achieved retail sales of up to $1,700 per square foot, and Mohawk at Wynwood has since surpassed that benchmark, setting a new national pre-construction record with retail sales reaching $1,850 per square foot. At Mohawk, approximately 33% of the retail component has already been sold to date, reflecting continued demand along the NW 29th Street corridor. The retail spaces are being co-listed by Cervera Real Estate and Comras Company and are available for purchase in cryptocurrency. The residential component of Mohawk will remain a purpose-built multifamily rental community.

Mohawk continues Rilea’s creative partnership with Deforma Studio and RADYCA, the visionary design teams behind The Rider Residences. Together, they are redefining the language of urban living in Wynwood — merging industrial authenticity with refined global design.

“As senior lender on Mohawk, we’re thrilled to deepen our relationship with Rilea Group and continue to be their banking partner in the U.S.,” said Monica Vázquez, General Manager, ABANCA USA. “This project unites world-class architecture with cultural authenticity and economic vitality—a true reflection of Miami’s global trajectory.”

Residents will enjoy rooftop pools and lounges with panoramic skyline views, a padel court, a Turkish hammam spa with cold plunges and infrared saunas, co-working lounges, children’s play areas, and a rooftop dog park.

“Our relationship with the Murphy family and the entire Coastal Construction team runs deep,” said Diego Ojeda, President of Rilea Group. “Together we’ve delivered some of Miami’s most respected buildings, and Mohawk will be no exception. We’re bringing the same precision, craftsmanship, and attention to detail to Wynwood — delivering what will be the neighborhood’s premier residential tower, with kitchens and appliances that are truly second to none.”

Construction of Mohawk at Wynwood is being led by Coastal Construction, marking Rilea Group’s sixth tower with the firm. The partnership began with J.P. Morgan’s 1450 Brickell Tower, and continues today with the massive Santander Tower at 1401 Brickell, now rising in Miami’s Financial District.

“The financing secured for Mohawk at Wynwood underscores both Miami’s sustained appeal among lenders and the strength of Rilea Group’s track record in one of the city’s fastest-growing neighborhoods,” said Suzanne Amaducci of Bilzin Sumberg, who represented Rilea Group in the transaction. “Wynwood has become a premier destination for residential and commercial development, and that momentum played a meaningful role in the project’s ability to attract C-PACE financing alongside a senior loan. Florida developers are increasingly turning to C-PACE financing to complete the capital stack, and I expect the C-PACE program will grow in popularity in 2026 and beyond.”

Rilea Group’s Mohawk at Wynwood and its adjacent project The Rider Residences will follow the success of the firm’s sold-out, luxury condominium The Bond on Brickell; 1450 Brickell Office Tower, home to J.P. Morgan’s headquarters; One Broadway luxury apartment tower; and the Sabadell Financial Center – all set within Miami’s sought-after Brickell Financial District, nicknamed “Wall Street South.”

Renderings via Rilea Group

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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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