Naftali Group has successfully secured $465 million in construction financing for its JEM Private Residences project within Miami Worldcenter. This significant funding comprises $235 million in C-PACE financing from Nuveen Green Capital and $230 million in traditional construction loans from Bank Hapoalim, paving the way for the development of a prominent luxury residential tower in downtown Miami.
Key Takeaways
- Naftali Group has secured a total of $465 million in construction financing for JEM Private Residences.
- The financing includes $235 million in C-PACE financing from Nuveen Green Capital and $230 million from Bank Hapoalim.
- JEM Private Residences is a 67-story luxury tower in Miami Worldcenter, featuring 259 residences and Sky Villas with FENDI Casa interiors.
- Construction is underway, with completion anticipated in Q4 2027.
A Landmark Development in Miami Worldcenter
JEM Private Residences, a striking 67-story luxury tower, is set to become a prominent feature of the Miami skyline within the vibrant Miami Worldcenter. Designed by the renowned Arquitectonica and Rockwell Group, the development will offer 259 exclusive residences, starting from the 43rd floor. The pinnacle of luxury will be the Sky Villas, boasting interiors curated by FENDI Casa, embodying timeless elegance.
Unparalleled Amenities and Vision
The tower’s 50th floor will house an expansive amenity suite designed to provide a resort-style living experience. Residents will enjoy a 60-foot outdoor pool adorned with a sculpture by Lorenzo Quinn, an indoor Sky Lounge, a state-of-the-art fitness center, a boxing arena, a yoga patio, and a spa suite complete with steam, salt, and sauna rooms. Additionally, the development will feature a co-working space and a spirits tasting room, catering to refined social and professional needs.
Developer’s Confidence and Market Momentum
Miki Naftali, Chairman and CEO of Naftali Group, expressed enthusiasm about the project’s progress, noting the active construction and the strong market reception. "Our JEM private residences offer quality second to none in one of the only walkable destinations in Miami," Naftali stated, highlighting the project’s prime location amidst world-class retail, cultural institutions, and dining, with excellent connectivity to major transportation hubs.
Strategic Financing Partnerships
The substantial financing package underscores the project’s viability and the confidence of its financial partners. Alexandra Cooley, CEO and Chief Investment Officer of Nuveen Green Capital, emphasized the role of C-PACE financing in enabling cost-effective project funding. Ilana Druyan, Senior Vice President at Bank Hapoalim, affirmed South Florida’s importance in their growth strategy and their commitment to supporting impactful developments like JEM Private Residences.
Construction Progress and Future Outlook
Construction for JEM Private Residences commenced in April 2024 and is progressing rapidly, with the tower already rising past its sixth level. The project is on schedule for completion in the fourth quarter of 2027. The strong sales momentum, including a recent $8 million Sky Villa sale, reflects Naftali Group’s proven track record and its commitment to delivering high-quality residential offerings in South Florida.