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.
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