Okan Group Lands First Construction Loan for Downtown Miami Tower

Turkish developer Bekir Okan’s Okan Group nabbed a $200 million loan for the completion of a mixed-use condo-hotel tower in Downtown Miami which has been under construction since 2022, and could become Florida’s second-tallest high-rise.

Bayview Commercial Mortgage Finance‘s Bayview PACE provided the Commercial Property Assessed Clean Energy (C-PACE) loan for the 72-story Okan Tower. The financing marks the first construction financing for the project, which will house 316 hotel rooms and 236 condo-hotel units — both managed by Hilton — as well as 56,000 square feet of office space and a 429-spot parking garage. 

Construction, which has reached 40 floors, is scheduled to be completed in 2028. Sixty-two percent of units have already presold, with sales led by Fortune International Group’s Michael Sadov, according to a representative for the developer. 

Okan Group purchased the 1-acre site at 555 North Miami Avenue for $18 million in 2017, according to property records. The Behar Font & Partners-designed tower is expected to rise 903 feet. It could become Florida’s second-tallest building, behind PMG’s Waldorf Astoria-branded condo development, which is also under construction nearby in Downtown Miami.

To fund the development, Okan Group has also been accepting EB-5 investments. 

C-PACE financing has recently grown in popularity among developers, as traditional lenders remain on the sideline thanks to elevated interest rates. The state-backed financing tool is designed to boost the construction of energy-efficient projects, which are repaid through a special assessment on the property tax bill.

Update: The story was update to include clarify that a division of Bayview Commercial Mortgage Finance provided the financing.

Julia Echikson can be reached at jechikson@commercialobserver.com.