Coral Gables, FL and Miami (Sept. 25) – Bayview PACE today announced the closing of $180 million in C-PACE financing for the development of Domus Brickell Center, a 35-story residential high-rise project of Miami-based North Development.
As the largest ground-up C-PACE construction loan to date in South Florida and second-largest nationally, the C-PACE funding advances energy savings and resilient features aimed to set a new standard for luxury residential development in Brickell.
Located at 1034 SW 2nd Ave 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.”
“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 structure positions North Development to deliver a high-quality, sustainable project and underscores the value of C-PACE in facilitating the development of large-scale projects.”
“This record financing also highlights Bayview’s ability to finance large loans directly from our balance sheet, providing both certainty of execution and flexibility to meet our clients’ needs,” he added. For example, Bayview structured the C-PACE to fund in multiple tranches in order to match construction draw-down needs and meet the developer’s objectives.
The $220 million construction capital-stack included the $180 million from Bayview PACE as well as $40 million in financing from Peruvian-based Core Capital. North Development was advised by boutique investment bank Lotus Capital Partners, who arranged and structured the financing.
Bayview’s Commercial Property-Assessed Clean Energy (C-PACE) financing offers favorable and cost-effective terms for qualified improvements in energy, lighting, water systems, building envelope and other resiliency components, and it can be applied to new construction as well as renovations.
C-PACE financings to date in the U.S. exceed well over $10 billion, according to the C-PACE Alliance. It has been approved through legislation in 40 states, gaining popularity among real estate owners and the financial institutions looking to serve them.
According to a Domus Brickell Center press release, sales at the project have remained strong throughout summer, averaging 25 units per month and highlighting the demand for fully furnished, move-in-ready residences in the Brickell market.
Completion of Domus Brickell Center is slated for the Q1 of 2028. For more information, visit https://domusbrickellcenter.com.