Massive Miami Residential Project Secures C-PACE Financing

Massive Miami Residential Project Secures C-PACE Financing

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.

About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax and REVVED Up Accounting. In addition, Steve founded Madison Avenue Technology. With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.

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