Camilo Miguel Jr. of Mast Capital and a rendering of the Cipriani Residences (Mast Capital, The Boundary)
Mast Capital has secured approximately $600 million in construction financing for its Cipriani Residences condominium tower project in Miami’s Brickell financial district, The real deal has learned.
This is the largest condo construction loan ever closed in South Florida. The previous record was that of the Trump group. $558 million ready for the construction of the two Estates at Acqualina towers in Sunny Isles Beach. OZK Bank provided this financing in 2018.
Made from Coconut Grove Mast, led by Camilo Miguel Jr., secured financing from a group of lenders led by Banco Inbursa, according to sources. It includes mezzanine financing. A Newmark team led by Jordan Roeschlaub, Nick Scribani and Dustin Stolly arranged the loan. It will be used to build the 80-story, 397-unit luxury tower planned for 1420 South Miami Avenue.
A Mast spokesperson confirmed the closing of the loan. Banco Inbursa provided $350 million and Ascendant Capital Partners $250 million.
Mast had been working for months to secure financing for the project. Mast has partnered with hotel company Cipriani, led by its CEO Giuseppe Ciprianihas launch sales of the building almost two years ago. Edgardo Defortuna’s Fortune Development Sales handles sales and marketing. That’s more than 50 percent pre-sold.
A ribbon-cutting ceremony is planned for Tuesday. The building is expected to be completed in 2028.
Unit prices start at $1.7 million. The building will also include a collection of 74 condos, including six penthouses, with more options and access to services on the top 18 floors.
Cipriani Residences was designed by Arquitectonica de Bernardo Fort-Brescia and interior design firm 1508 London. It will include a private restaurant and speakeasy for residents; a resort-style pool deck with pools and cabanas; and a wellness center, fitness center, and pickleball court.
Mast Capital paid $103 million for the 2.8-acre development site more than two years ago. In addition to the Cipriani Residences, the developer plans two apartment towers on the site. Mast Capital has joined forces with Rockpoint Group as a financial partner for the leasing component.
Despite high interest rates, fewer lenders in the market, and lenders limiting the amount of financing they provide to a project, a handful of condominium developers have managed to close large loans These last months. Part of the reason is that projects are reporting strong pre-sales and developers can tap into their potential. buyers deposits to finance construction, thereby reducing the risk of a potential lender. Bank OZK is one of the largest lenders in South Florida. Nearly $2 billion in construction financing has closed in South Florida in recent months, including for mixed-use projects.
Mexico City-based Banco Inbursa recently provided the Motwani family’s Merrimac Ventures and Aria Development Group with a $95 million construction loan for 600 Miami Worldcenter. The planned 32-story condo tower is being built as part of the planned, mixed-use Miami Worldcenter development. He’s worn out.
Cipriani Residences will be the Cipriani company’s first residential building, but the Italian family has other projects in the works. The fourth generation, Giuseppe Cipriani’s children Ignazio and Maggio Cipriani, created the distinct Mr. C brand, which operates the Mr. C Hotel in Coconut Grove and will also mark the nearly completed Mr. C Residences in Coconut Grove.
More than two dozen branded condo projects are in the planning stages or under construction in the tri-county area, including towers branded by Casa Tua, Bentley, Baccarat, Ritz-Carlton and other major hospitality brands and luxury.
