BHI, the U.S. division of Bank Hapoalim and a full-service commercial bank, announced the provision of $35 million in predevelopment financing to Naftali Group for JEM Private Residences, a 67-story mixed-use tower planned for 1016 Northeast 2nd Avenue in Miami. The over 700-foot-tall development, designed by Arquitectonica with interiors by Rockwell Group, will include 259 condominium units, 530 multifamily rental units, 3,259 square feet of ground-floor retail space, and 283,863 square feet dedicated to parking. Coastal Construction is the general contractor. DeSimone Consulting Engineering is the structural engineer, and MG Engineering D.P.C. is the MEP engineer.
Situated within Miami Worldcenter at the northwest corner of NE 10th Street and NE 2nd Avenue, the project benefits from proximity to major transportation routes, including I-95, the Dolphin Expressway, Biscayne Boulevard, Brickell Avenue, the Metrorail, and the Metromover.
JEM Private Residences. Credit: Naftali Group.
Naftali Group’s portfolio includes over 28 projects, valued at more than $9 billion, with a focus on new developments, luxury condominiums, and mixed-use rental properties. Recently, the firm completed raising $150 million for its debt fund, attracting institutional investors and high-net-worth individuals.
BHI has a well-established relationship with Naftali Group, having previously served as agent and lead on two luxury condo construction loans on Madison Avenue in Manhattan. The bank is currently the agent and lead lender for a luxury condominium project on the Upper West Side of New York City.
“Working with an existing customer who is well-respected in the market and has a strong track record for developing and delivering timely and timeless properties is always a pleasure,” said Ilana Druyan, Senior Vice President -Team Leader and Head of International Origination – CRE at BHI. “We’re excited for Naftali Group to continue executing their vision and create more compelling inventory in the Miami market.”
“BHI has continuously served as a strong and active partner in supporting our developments, and their speed, responsiveness, and capability to right-size their financing to the specific needs of each individual project ensures that we’re ready as an organization, able to execute and deliver,” said Miki Naftali, Chairman and CEO of Naftali Group.
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Can investors’ buy the condominiums before the constructions starts and what are the prices for the condominiums? Thanks!