Miami-based North Development proudly announces that it has secured a combined $220 million in C-PACE (Commercial Property Clean Assessed Energy) and mortgage construction financing for the development of Domus Brickell Center.
Following the project’s recent groundbreaking, the financing, which is the largest ground-up C-PACE construction loans in South Florida to date, allows the team to advance energy-efficient and resilient features that will set a new standard for luxury residential development in Brickell.
Located at 1034 SW 2nd Avenue in the heart of Miami’s Brickell neighborhood, Domus Brickell Center will rise 35 stories and will deliver 579 residences, ranging from a studio to two bedrooms. Designed by world-class architecture firm Studio MC + G Architecture with interiors by Urban Robot Associates, residences in Domus Brickell Center come fully finished and furnished, featuring hard flooring throughout, private balconies, kitchens with premium appliances, modern fixtures and more. Domus Brickell Center’s resort-quality amenity suite includes a rooftop pool and sky deck with cabanas and daybeds, a rooftop bar, a hot tub, and a rooftop yoga deck, as well as an indoor-outdoor gym with state-of-the-art equipment, a lush garden lounge, indoor-outdoor treatment rooms and a steam room, co-working spaces and a conference room, a 24-hour lobby ambassador, on-call housekeeping, pet-friendly features, and a signature lounge and an on-site restaurant on the lobby level.
“Securing this $220 million financing package is a leap forward in financial engineering. The flexibility that C-PACE construction financing offers is second to none. Aligning the mortgage lender and the C-Pace lender was a challenging feat. Working with the Bayview team was exceptional. They iterated with us multiple times to crack the nut.” said Arturo Vidal, Founding Partner and VP of Finance for North Development. “We are excited to deliver a transformative development that is not only innovative in its product but also in its capitalization structure.”
Bayview PACE, a leading provider of C-PACE financing , structured approximately $180 million in financing, while Peruvian-based Core Capital provided an additional $40 million in financing. North Development was advised by boutique investment bank Lotus Capital Partners, who arranged and structured the financing.
“We are thrilled to have played an integral role in supporting our friends at North Development with designing a financing package that enables them to execute their business plan with flexibility and comfort,” said Faisal Ashraf, Managing Partner of Lotus Capital Partners. He added “We look forward to helping North Development grow the Domus brand in the United States.”
“We are proud to partner with North Development and Lotus Capital Partners to provide C-PACE financing for Domus Brickell Center.” said A.K Prabhakar, Senior Vice President at Bayview Asset Management an affiliate of Bayview PACE. “The financing’s flexible and efficient financial structure positions North Development to deliver a high-quality, sustainable project and underscores the value of C-PACE in facilitating the development of large, energy-efficient buildings.”
