$40M C-PACE Loan Secured for Naftali Group's JEM Private Residences

Miki Naftali's New York City and Miami-based Naftali Group has secured $40 million in C-PACE financing for its latest luxury mixed-use development, JEM Private Residences, located in Miami World Center, the the heart of Downtown. The funding was provided by Nuveen Green Capital (NGC), a leader in sustainable commercial real estate financing, and an affiliate of the $1 trillion asset manager, Nuveen.

Advancing Sustainability with C-PACE Financing

C-PACE, short for Commercial Property Assessed Clean Energy, offers flexible funding for sustainable real estate projects and is available in 40 states, as well as Washington, D.C. This financing method is increasingly popular for projects prioritizing energy efficiency and environmental resilience. At JEM Private Residences, the C-PACE loan will support initiatives such as energy-efficient building materials, lighting systems, water-saving measures, consulting services, and modernized elevators. The financing also allows Naftali Group to reduce the overall cost of capital and enhance liquidity in the project's early stages.

Chris Lawton, Managing Director of NGC, praised the partnership, highlighting C-PACE's ability to lower project costs and provide cost-effective solutions for developers.

A Luxury Development in Downtown Miami

JEM Private Residences, situated within Miami Worldcenter, is a standout addition to the city’s skyline. The 67-story luxury condominium tower, featuring 535 apartments and 259 condo units, is designed by the acclaimed Arquitectonica and Rockwell Group. It will soar over 700 feet high.

Residences begin on the 43rd floor, ensuring panoramic views of Downtown Miami. The building also features a dedicated amenity suite on the 50th floor, offering resort-like experiences, including an indoor Sky Lounge, an outdoor pool, a high-tech fitness center, and wellness spaces like a steam room and sauna. Residents can also enjoy co-working spaces and a spirits tasting room.

Milestones and Completion Timeline

Naftali Group’s Chairman and CEO, Miki Naftali, expressed excitement about the project’s progress, citing the groundbreaking achievement just five months after launching sales. The JEM Private Residences is scheduled for completion in the fourth quarter of 2027, positioning itself as a prominent example of modern, sustainable luxury in Miami’s evolving urban landscape.