Bayview PACE, a division of Bayview Commercial Mortgage Finance, has closed $200 million in Commercial Property-Assessed Clean Energy (C-PACE) financing for Okan Tower, a 72-story mixed-use high-rise developed by Okan Group and designed by Behar Font & Partners. Currently under construction and having reached its 40th floor, the tower is more than halfway to completion. Upon delivery in 2028, Okan Tower—located at 555 N. Miami Ave. in downtown Miami—will rise 903 feet, making it the second-tallest building in Florida.
Bayview PACE’s C-PACE financing provides favorable, long-term, and cost-effective funding for eligible improvements related to energy efficiency, lighting, water systems, building envelope, and resiliency features. Applicable to both new construction and renovations, C-PACE has become an increasingly popular financing tool nationwide. According to the C-PACE Alliance, cumulative C-PACE financings in the U.S. now exceed $10 billion and have been enabled through legislation in 40 states.
The $200 million C-PACE financing from Coral Gables–based Bayview PACE completes the capital stack for the luxury skyscraper. Okan Tower’s upper floors will feature 163 luxury condominium residences, branded as Sky Residences, offering elevated design, world-class amenities, and sweeping views of South Florida. Below the residences will be 236 condo-hotel units available for sale and managed by Hilton, followed by a 316-key five-star Hilton hotel. The tower’s lower levels will also include four floors of office space totaling 56,000 square feet.
Amenities for Sky Residences owners will include a 24-hour concierge, rooftop pool, outdoor lounge with private cabanas, wine cellar, owners lounge, spa with sauna, steam and massage rooms, and a 429-space on-site parking garage. Sales of the Sky Residences and condo-hotel units are well underway and are being led by Fortune International Group.
“We are pleased to provide this C-PACE financing to help complete Okan Tower’s capital stack and support Okan Group’s objectives,” said Jeff Klar, Vice President of Bayview PACE. “Bayview crafted a creative financing solution that was accretive to the sponsor’s goals and aligned with the project’s construction timeline. This nine-figure C-PACE transaction underscores both Bayview’s structuring expertise and the financial strength of the broader Bayview platform.”
“The closing of Okan Tower’s $200 million C-PACE financing marks a defining milestone for the project and reinforces confidence in the Miami market,” said Michael Sadov, Sales Director at Okan Tower. “In today’s disciplined capital environment, this level of lender commitment validates the project’s vision, capital structure, and long-term fundamentals. For buyers, it signals that now is an exceptional moment to invest in Downtown Miami as pricing, product, and global demand converge.”
Founded in 1972, Okan Group is a Turkish-based multinational organization with operations spanning healthcare, finance, food, textiles, tourism, energy, education, and real estate. One of its commercial real estate subsidiaries, Okan Construction, serves as the general contractor for Okan Tower.
Bayview PACE, a division of Bayview Commercial Mortgage Finance, LLC, delivers creative financing solutions that integrate C-PACE lending with construction and bridge capital. Unlike traditional PACE-only providers, Bayview PACE partners with owners and developers to offer comprehensive capital stack solutions. The Okan Tower transaction follows two recent major Florida deals by Bayview PACE, including $180 million in C-PACE financing for Domus Brickell Center and $137 million for the Westin Cocoa Beach Resort & Spa.
