Naftali Group has secured a total of $465 million in construction financing for JEM Private Residences, its upcoming tower in Downtown Miami. Nuveen Green Capital provided $235 million through C-PACE financing, while Bank Hapoalim added $230 million in senior construction loans. Together, the structure supports one of the largest multifamily developments underway in Miami Worldcenter.
The 67-story tower is set within Miami’s urban core. It has been designed by Arquitectonica with interiors by Rockwell Group. The development includes 259 residences beginning on the 43rd floor. It will also feature Sky Villas with Interiors by FENDI Casa at the top of the building.
Amenities planned for the 50th floor include an outdoor pool, a sculpture by Lorenzo Quinn, a Sky Lounge, a fitness center, and wellness areas with steam, salt, and sauna rooms. The building also incorporates co-working areas and a spirits tasting room.
“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… With JEM Private Residences, we’re bringing a new level of design, quality and attention to detail that defines our work.”
Alexandra Cooley, CEO and Chief Investment Officer of Nuveen Green Capital, said, “It was an honor to partner with Naftali Group once again… 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.”
Ilana Druyan, Senior Vice President – Team Leader and Head of International Origination – CRE at BHI, added, “South Florida remains a key market within BHI’s strategic growth plan… Naftali Group’s presence in Miami is growing, and we’re pleased to support their ongoing efforts.”
Construction began in April 2024, less than six months after the project launch—an unusual pace for Miami’s development cycle. Sales have also advanced quickly. A recent $8 million transaction for Sky Villa 2 highlights early buyer interest and reflects Naftali Group’s established position in the luxury residential segment.
The tower has passed its sixth level and remains on schedule for completion in the fourth quarter of 2027.
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