Turkish developer Okan Group has secured $200 million in Commercial Property Assessed Clean Energy (C-PACE) financing for its Hilton-branded condo-hotel tower currently under construction in downtown Miami. The loan was provided by Bayview PACE, a lender based in Coral Gables. C-PACE financing is designed to support projects that use energy-efficient and sustainable materials and design.
The Okan Tower, located at 555 North Miami Avenue, is planned as a 70-story mixed-use high-rise and is currently on the 40th floor of construction. Once completed in 2028, the building will reach 903 feet and include a 316-key Hilton hotel, 236 condo-hotel units managed by Hilton, 163 condominiums, over 80,000 square feet of amenities space, and 56,000 square feet of office space. The project will also feature a parking garage with capacity for 429 vehicles.
Michael Sadov from Fortune Development Sales is leading sales efforts for the project. Last fall, the developer announced eligibility to raise EB-5 funds for the development.
Behar Font & Partners designed Okan Tower, which represents Okan Group’s first project in the United States. The Turkey-based company operates across several sectors including healthcare, finance, food production, textiles, tourism, energy, education and real estate through its general contracting arm Okan Construction.
Okan Group has funded construction internally up to this point. The project experienced a pause in 2020 due to the pandemic but resumed sales activity the following year. An affiliate of Okan acquired the development site for $18.1 million in 2017; it covers approximately 0.8 acres and is situated near other new developments such as Crosby at Miami Worldcenter and Melo Group’s Downtown 6th.
The use of C-PACE financing has been increasing among multifamily and condominium developers in Miami. In November last year, Naftali secured $465 million for its JEM Private Residences tower at Miami Worldcenter—this included $235 million from Nuveen Green Capital through C-PACE financing along with $230 million from BHI via traditional construction loans.
