National real estate development and investment firm Naftali Group is pleased to announce it has secured a combined $465 million in construction loan financing for the development of JEM Private Residences in Downtown Miami. Nuveen Green Capital (NGC), a leader in sustainable commercial real estate financing solutions and an affiliate of Nuveen, provided $235 million in C-PACE financing, while Bank Hapoalim (BHI) supplied an additional $230 million in traditional construction loans.
Located in the heart of Downtown Miami’s urban core within Miami Worldcenter, JEM Private Residences is a 67-story luxury tower designed by Arquitectonica and Rockwell Group, featuring 259 residences beginning on the 43rd floor, including exclusive Sky Villas with Interiors by FENDI Casa that crown the top of the development with the brand’s timeless aesthetic. Its 50th-floor amenity suite offers resort-style living with a 60-foot outdoor pool with a sculpture by Lorenzo Quinn, indoor Sky Lounge, state-of-the-art fitness center, boxing arena, yoga patio, spa suite with steam, salt, and sauna rooms, along with a co-working space and spirits tasting room for refined social experiences.
Credit: Hayes Davidson.
“Today, we closed the second phase of our construction loan while hundreds of construction workers are working hard on building our remarkable project in the heart of Miami Worldcenter,” said Miki Naftali, Chairman and CEO of Naftali Group. “Our JEM private residences offer quality second to none in one of the only walkable destinations in Miami with world-class retail, museum and cultural institutions, entertainment and incredible dining. It is the center of all major transportation, like the Brightline, Metrorail and the Miami International Airport. With JEM Private Residences, we’re bringing a new level of design, quality and attention to detail that defines our work, creating a building that will stand the test of time in the Miami skyline.”
Credit: Hayes Davidson.
Alexandra Cooley, CEO and Chief Investment Officer of Nuveen Green Capital, said, “It was an honor to partner with Naftali Group once again for this notable luxury property in downtown Miami. By leveraging C-PACE’s low-cost, long-term financing and structuring flexibility, in combination with BHI’s senior construction loan, Naftali was able to finance their project cost-effectively. This record-setting transaction—the largest C-PACE-financed multifamily project to date in Florida—underscores the continued adoption of C-PACE by institutional borrowers to fund their large-scale projects.”
Credit: Hayes Davidson.
“South Florida remains a key market within BHI’s strategic growth plan, and partnering with developers who bring meaningful, lasting impact to the region is central to our approach,” said Ilana Druyan, Senior Vice President – Team Leader and Head of International Origination – CRE at BHI. “Naftali Group’s presence in Miami is growing, and we’re pleased to support their ongoing efforts to expand compelling inventory throughout the Miami market.”
Construction progress for JEM Private Residences is already underway. The project broke ground in April 2024, just under 6 months after bringing the project to market, which is atypical for the Miami real estate market. That momentum is reflected in the market as well, with sales moving at a strong pace, including the recent $8 million sale of Sky Villa 2 with Interiors by FENDI Casa. This move speaks to Naftali Group’s track record as a developer and underscores its confidence in the continued efforts to bring high-quality residential products to South Florida. The project is now rising past its sixth level and remains on track to be completed in Q4 of 2027.
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