Turkish developer Okan Group has secured US$200 million in C-PACE financing for the 70-story Okan Tower, a Hilton-branded mixed-use high-rise currently under construction in downtown Miami, marking one of the largest clean-energy–linked financings in the city’s recent residential cycle. The financing was provided by Bayview PACE, a Coral Gables–based lender specializing in Commercial Property Assessed Clean Energy loans, which incentivize energy-efficient design and sustainable construction.
Located at 555 North Miami Avenue, construction of the building has reached the 40th floor and it is scheduled for completion in 2028. At 903 feet (275.2 meters), the high-rise will introduce a dense mix of uses, including a 316-key Hilton hotel, 236 Hilton-managed condo-hotel units, 163 residential condominiums, more than 80,000 square feet of amenities, 56,000 square feet of office space, and a 429-space parking garage. The building is designed by Behar Font & Partners and represents Okan Group’s first development in the United States.
Construction to date has been largely self-funded by Okan Group, which briefly paused the project in 2020 due to the pandemic before relaunching sales the following year. An Okan affiliate acquired the 0.8-acre site in 2017 for US$18.1 million, positioning the project within a rapidly intensifying cluster of downtown developments near Miami Worldcenter.
The financing places Okan Tower within a growing cohort of large U.S. residential and mixed-use projects leveraging C-PACE capital to support sustainability objectives while complementing traditional construction loans.
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