Domus Brickell Center secures $220M including $180M C-PACE for 35-story condo tower

Brickell, Miami, September 22, 2025

News Summary

A Miami developer secured $220 million in construction financing to build Domus Brickell Center, a 35-story, 579-unit condominium at 1034 SW 2nd Avenue in Brickell. The package pairs roughly $180 million in C-PACE financing with a $40 million mortgage, enabling energy-efficient and resilient features such as high-performance windows, superior insulation and water and air purification systems. The project, arranged by a boutique capital markets adviser and funded by a PACE affiliate and an international lender, has begun groundwork. Sales launched with units from about $500,000, about 30% sold, and delivery targeted for Q1 2028.

Domus Brickell Center secures $220 million financing, including $180 million C‑PACE, for 35‑story, 579‑unit tower; completion set for Q1 2028

Domus Brickell Center, a new condominium tower in Miami’s Brickell neighborhood, has lined up a $220 million construction finance package that combines Commercial Property Assessed Clean Energy (C‑PACE) capital and traditional mortgage construction financing. The deal includes approximately $180 million in C‑PACE funds alongside a $40 million mortgage, and is intended to keep the project on track for a first‑quarter 2028 opening.

Key financing and parties

The developer behind the project is North Development, a Miami‑based partnership between two development firms. The C‑PACE portion was structured by Bayview PACE, an affiliate of Bayview Asset Management, while an additional $40 million in mortgage construction finance came from Core Capital. A boutique bank, Lotus Capital Partners, arranged and structured the combined package.

Why this financing matters

The financing package is being reported as the largest ground‑up C‑PACE construction loan in South Florida so far. The structure will allow the team to add energy‑saving and resilience features to the building while spreading certain costs over time using the C‑PACE mechanism.

What the project will deliver

The tower will rise 35 stories at 1034 SW 2nd Avenue and will deliver 579 residences, ranging from studios to two‑bedrooms. Units will be sold fully finished and furnished, with hard flooring throughout, private balconies, kitchens with premium appliances and modern fixtures. Pricing launched last year starting at about $500,000, with many units now listed in a range up to $1.5 million. Sales are reported at roughly 30% sold so far.

Amenity and design highlights

• Architecture by Studio MC + G Architecture.
• Interior design by Urban Robot Associates.
• Resort‑quality amenity suite including rooftop pool and sky deck with cabanas and daybeds, rooftop bar, hot tub, rooftop yoga deck, and a rooftop sky deck.
• Indoor‑outdoor gym with modern equipment, lush garden lounge, indoor‑outdoor treatment rooms and steam room.
• Co‑working spaces, conference room, 24‑hour lobby ambassador, on‑call housekeeping, pet‑friendly features, signature lounge and an on‑site restaurant at the lobby level.

Construction status and budget

North Development recently broke ground and construction is already underway. The developer expects total project spending to be around $300 million. The team pursued C‑PACE after designing the building to meet local green building standards, and the financing was structured over about 10 months.

How the C‑PACE piece works

Under the C‑PACE arrangement planned for this project, the development will repay C‑PACE debt through assessments added to the property tax bill rather than through a traditional interest payment stream. Repayments can be scheduled for long terms—often up to 30 years—and the C‑PACE lender typically positions itself near the senior lender in the capital stack. The loan was sized in part because the developer designed multiple qualifying energy‑efficient and resilience features into the building, such as UV‑filtered water systems, purified air for common areas, high‑performance glazing that limits solar heat gain, upgraded insulation and a façade system that exceeds local hurricane resilience codes.

Market and financing context

Several banks reportedly passed on the deal because of the unorthodox capital stack. After multiple iterations and alignment between the mortgage and C‑PACE lenders, the package was completed. This deal followed other large C‑PACE financings elsewhere in the state and comes amid a broader construction finance market that has been active but uneven, with smaller builders finding it harder to secure loans in the current environment.

Related projects and sales handling

North Development previously secured financing for another Domus‑branded project in Brickell and has other developments in its pipeline, including a proposed large hotel. Sales for Domus Brickell Center launched last year and are being led by an external brokerage team. The developer’s management arm is planned to run the short‑term rental program for units that owners choose to enroll, and the project has been described as short‑term rental‑friendly in some reporting.

Location and neighborhood

The site sits a block west of the Metrorail line on a roughly half‑acre parcel the developer purchased in 2023 for nearly $15 million. Observers note that the western side of Brickell, west of the train line, has seen increased development activity in recent years compared with its eastern side.

FAQ

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Project at a glance: key features

This article summarizes reported facts about the Domus Brickell Center financing, design, and development status. It does not promote any organization or individual and aims to present clear, factual information for readers tracking construction and financing developments in Miami.

Deeper Dive: News & Info About This Topic

Additional Resources

• YieldPro: Domus Brickell Center
• Wikipedia: Property Assessed Clean Energy (PACE)
• Bisnow: North Development lands $220M C‑PACE construction loan for Brickell project
• Google Search: Domus Brickell Center
• Multi-Housing News: North Development obtains record C‑PACE financing for Miami condos
• Google Scholar: C‑PACE financing Miami
• Commercial Observer: Domus Brickell Center financing details
• Encyclopaedia Britannica: Brickell (search)
• The Real Deal: Dunin, Edifica land $220M financing for Domus Brickell Center
• Google News: Domus Brickell Center

Author: Construction CA News

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