Naftali Group, a leading real estate development and investment firm, has secured a total of $465 million in construction financing for JEM Private Residences in Downtown Miami. The capital stack includes $235 million in C-PACE financing from Nuveen Green Capital (NGC)—an affiliate of Nuveen and a prominent provider of sustainable commercial real estate financing—and an additional $230 million construction loan from Bank Hapoalim (BHI).
Rising within Miami Worldcenter, JEM Private Residences is a 67-story luxury tower designed by Arquitectonica with interiors by Rockwell Group. The building features 259 residences starting on the 43rd floor, including a limited collection of Sky Villas with interiors by FENDI Casa, which crown the tower with the brand’s signature elegance. The expansive 50th-floor amenity suite offers resort-style experiences, including a 60-foot outdoor pool accented by a sculpture from Lorenzo Quinn, an indoor Sky Lounge, fitness center, boxing arena, yoga patio, spa suite with steam, salt, and sauna rooms, as well as co-working spaces and a spirits tasting room.
“Today we closed the second phase of our construction loan while hundreds of construction workers are actively building our remarkable project in the heart of Miami Worldcenter,” said Miki Naftali, Chairman and CEO of Naftali Group. “JEM Private Residences offers unmatched quality in one of Miami’s only truly walkable destinations, surrounded by world-class retail, cultural institutions, entertainment, and dining, with direct access to major transportation including Brightline, Metrorail, and Miami International Airport. We are bringing a new level of design, quality, and attention to detail to create a building that will stand the test of time.”
“We were honored to partner with Naftali Group once again on this significant luxury development in Downtown Miami,” said Alexandra Cooley, CEO and Chief Investment Officer of Nuveen Green Capital. “By combining C-PACE’s flexible, long-term, low-cost financing with BHI’s senior construction loan, Naftali was able to capitalize the project efficiently. This record-setting transaction—the largest C-PACE-financed multifamily project ever completed in Florida—highlights the rapid adoption of C-PACE by institutional borrowers for large-scale developments.”
“South Florida remains a core market within BHI’s strategic expansion, and partnering with developers who create lasting value is central to our mission,” said Ilana Druyan, Senior Vice President – Team Leader and Head of International Origination – CRE at BHI. “Naftali Group’s footprint in Miami continues to grow, and we are pleased to support their efforts to bring top-tier residential offerings to the region.”
Construction on JEM Private Residences is well underway. The project broke ground in April 2024, less than six months after launching to market—an uncommon pace in Miami’s development landscape. Strong sales activity reflects that momentum, including the recent $8 million sale of Sky Villa 2 with interiors by FENDI Casa. The tower has now risen past its sixth floor and remains on schedule for completion in Q4 2027.
