Okan Tower, a 72-story mixed-use skyscraper rising in the heart of Miami, scored its first construction loan with the building already past the halfway point.
The $200 million financing came from Commercial Property Assessed Clean Energy, known as C-PACE, and was provided by Bayview PACE, a division of Coral Gables, Florida-based Bayview Commercial Mortgage Finance. The loan arrives with the tower already reaching the 40th floor after breaking ground in 2022 — a later-than-usual stage for financing. Completion is for some time in 2028.
The loan completes Okan Tower’s capital stack, said Jeff Klar, vice president of Bayview PACE, in a press release. “Bayview crafted a creative financing solution that was accretive to the sponsor’s goals and aligned with the project’s construction timeline,” he said.
Plans for Okan Tower — the first U.S. development from Turkish conglomerate Okan Group — call for the building to rise 903 feet, with 163 luxury units called Sky Residences. An additional 236 condo-hotel units are planned, with Hilton set to manage the units alongside an additional 316-key, five-star hotel from the hospitality company. Four floors comprising 56,000 square feet of office space are also in the works.
The building, at 555 N. Miami Ave., is part of a series of towers rising along the Sixth Street corridor. The area has become one of the densest in the city and is connected to Brightline’s MiamiCentral station alongside the mass transit network.
Nearby projects along the street include Melo Group’s Downtown 6th, a 58-story, 824-unit rental complex; Merrimac Ventures and Aria Development Group’s 606-unit luxury condo called 600 Worldcenter; and a planned 45-story luxury rental from Oak Row Equities.
“This level of lender commitment — particularly in today’s disciplined capital environment — confirms confidence in the capital stack, the long-term fundamentals, and the vision behind what will be one of Downtown Miami’s most spectacular and architecturally significant luxury towers,” said Michael Sadov, sales director at Okan Tower, in the release.
Designed by Behar Font & Partners, the tower’s façade was created to evoke a tulip petal, a nod to the developer’s Turkish roots. Planned amenities for the Sky Residences include 24-hour concierge services, a rooftop pool and outdoor lounge with private cabanas, a wine cellar, a lounge, a spa and a garage with 429 spaces at the base of the tower.
Sales at Okan Tower are led by Fortune Development Sales, while construction is being handled by Okan Construction. The tower is currently 62% sold, a spokesperson for the developer confirmed to CoStar News via email, with prices for remaining units ranging from $800,000 to $4 million.