Summary
Located in Miami Worldcenter in downtown Miami, Florida, JEM Private Residences is a 67-story luxury tower designed by architecture and design firms Arquitectonica and Rockwell Group. The building features 259 residences beginning on the 43rd floor, including exclusive Sky Villas with interiors by FENDI. Once complete, the building will transform the Miami skyline while providing the city with an unparalleled luxury residence within walking distance of retail, museums, entertainment, and dining destinations.
C-PACE Opportunity
NGC provided $235 million in C-PACE financing in partnership with Bank Hapoalim (BHI) for a $465 million construction financing package for JEM Private Residences. This is the second funding NGC provided to Naftali Group, following $40 million in C-PACE financing that was utilized to fund pre-development costs for the first phase of construction. The initial C-PACE financing reduced the cost of capital and provided liquidity to the sponsor during the early stages of development. By leveraging C-PACE’s low-cost, long-term, flexible financing for a second round of funding in combination with BHI’s senior construction loan, Naftali Group was able to finance the project cost-effectively while helping to ensure a successful completion. This project underscores the continued adoption of C-PACE by institutional borrowers to fund large-scale projects.
