North Development Lands $220M C-PACE Loan to Build Miami Condo Tower

North Development obtained $220 million in financing for a condo-hotel tower in Miami’s Brickell neighborhood, marking one of South Florida’s largest construction loans via the Commercial Property Assessed Clean Energy (C-PACE) program, the Miami-based developer announced.

The 35-story high-rise, called Domus Brickell Center, will include 579 units at 1034 Southwest Second Avenue, a block west of the Metrorail train line. Bayview PACE, a provider of C-PACE financing, funneled about $180 million into the high-rise project, while Peruvian firm Core Capital provided the remaining $40 million, according to North Development. 

Representatives for Bayview PACE and Core Capital did not immediately respond to requests for comment.

C-PACE financing covers energy-efficient properties and development. The debt is paid back through assessments that are added to the property tax bill for up to 30 years. Lotus Capital Partners brokered the financing.

The Miami-based North Development purchased the half-acre site for nearly $15 million in 2023, according to property records. Construction started earlier this month.

The units will come fully furnished. Amenities include a rooftop pool, coworking spaces and a gym. A representative for the developer did not immediately comment on condo sales for the development.

The western section of Brickell past the Metrorail line — long underdeveloped compared to its eastern counterpart, where investment firm Citadel is developing its headquarters — is seeing some action. In April, PMG secured a $413 million loan to build a condo and rental development two blocks south of North Development’s project. 

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