Naftali scored $465 million for the Miami World Center condo tower

The Naftali Group closed nearly half a billion dollars in financing for its JEM private residences at Miami World Center.

According to a press release, the New York-based development firm secured $235 million in traditional construction loans from BHI, the U.S. arm of Israel-based Bank HaPolim, in CPase financing from Darien, Connecticut-based Nine Green Capital, and $230 million from BHI, the U.S. arm of Israel-based Bank HaPolim.

The new financing, which totals $465 million, likely pays off a $35 million pre-development loan obtained last year from BHI.

CPC stands for Commercial Property Assessment that has been assessed for clean energy. It is a financing tool that encourages the use of energy efficient and sustainable materials and designs. CPC “offers low cost, long-term financing and structuring flexibility,” Alexandra Cooley, CEO and chief investment officer of Naveen Green Capital, said in the release. The $235 million C-Pace financing is the largest of its kind in Florida, he said in the release.

Gem is a 67-story tower planned for 1016 Northeast Second Avenue in downtown Miami. It calls for 259 condos, 530 apartments, about 3,300 square feet of ground-floor retail space and a parking garage.

Peggy Olin’s Oneworld Properties is leading condo sales, including a recently signed $8 million deal for Sky Villa, according to the release.

Construction began in April 2024, and workers have left behind the sixth floor of construction. It will be completed by the fourth quarter of next year, the release said.

The building’s condos will begin on the 43rd floor, and the tower will include a 60-foot pool, sky lounge, fitness center, boxing arena, yoga patio, spa and an amenity suite on the 50th floor, according to the release.

Naftali, led by chairman and CEO Miki Naftali, and his partner, Kara Real Estate Management, paid $40.5 million for the 1-acre site in 2022.

CIM Group, Art Falcon and Nitin Motwani have led the development of Miami World Center, a $6 billion, 27-acre complex. They have sold development sites to other firms in recent years, including Related Group, Abhi Capital and Moani Group.

A number of other developers have also tapped CPase financing in recent months. In September, the Miami- and West Palm Beach-based Two Roads Development secured $520 million in construction financing for a waterfront luxury hotel and condo tower in downtown Tampa, with a $290 million loan from Nineveon Capital.

In the same month, Ricardo Dunn and Juan Carlos Tsara’s North Development secured $220 million in financing for the Domus Brickell Center, including $180 million in Coral Gables-based B-view piece to C-piece financing.