The highly anticipated Okan Tower, slated to become Florida’s second-tallest building, has secured a significant financial boost. Bayview PACE has provided $200 million in C-PACE financing for the 72-story luxury condominium project in downtown Miami. This substantial investment underscores confidence in the project’s viability and the robust Miami real estate market.
Key Takeaways
- Okan Tower has received $200 million in C-PACE financing from Bayview PACE.
- The project is set to become the second-tallest building in Florida.
- Construction is over halfway complete, with the 40th floor finished.
- The project’s completion is now projected for 2028.
Project Milestones and Financing
With the 40th floor of the Okan Tower now complete, construction is progressing well, surpassing the halfway mark. The project’s finalization has been rescheduled to 2028. The recent closing of the $200 million C-PACE financing by Bayview PACE is being hailed as a critical milestone. Michael Sadov, sales director at Okan Tower, expressed optimism, stating that this financing validates the project and the strength of the Miami market. He further noted that the lender’s commitment, especially in the current disciplined capital environment, reflects strong confidence in the project’s capital stack, long-term fundamentals, and the architectural vision for this luxury tower.
Bayview PACE’s Role in Development
Bayview PACE, a Coral Gables-based entity, has been actively involved in financing significant development projects. In addition to the Okan Tower, the firm has recently provided funding for other notable developments, including Domus Brickell Center and the Westin Cocoa Beach Resort & Spa. This consistent investment highlights Bayview PACE’s commitment to supporting major real estate ventures in the region.
Okan Tower’s Significance
Upon completion, Okan Tower will stand as a prominent landmark in downtown Miami, distinguished by its architectural significance and luxury offerings. Its status as the second-tallest building in Florida will further solidify its position as a key development in the state’s skyline. The project’s progress and substantial financing indicate a strong trajectory towards its 2028 completion.