Naftali Group has successfully secured a $40 million loan through C-PACE financing for the development of JEM Private Residences in Downtown Miami. The financing was provided by Nuveen Green Capital (NGC), an affiliate of Nuveen and a leading provider of sustainable commercial real estate funding solutions. Located at 1016 Northeast 2nd Avenue within the Miami Worldcenter, this ambitious project will consist of a 67-story tower featuring 259 condos, 530 apartment units, commercial space, and parking for up to 591 vehicles.
C-PACE (Commercial Property Assessed Clean Energy) offers flexible financial options specifically designed for sustainable commercial real estate developments. This type of financing will be used to support various energy-efficient measures such as envelope improvements, lighting upgrades, structural materials enhancements, water efficiency systems installation consulting services on energy efficiency matters as well as elevator system modernization projects. Thanks to C-PACE’s assistance with reducing the overall cost capital costs associated with this venture.
JEM Private Residences is expected to reach completion by Q4 in the year2027.
