Mast Nails Record Construction Loan for Miami Condo Tower
Cipriani, 80-story project in Brickell Financial District, secures $600M.
Mast Capital has landed a $600M loan from two lenders for an 80-story luxury condo tower in Miami, the largest construction loan every provided for a single tower in Florida.
Cipriani Residences is planned for 397 units at 1420 S. Miami Avenue in the southern part of the Brickell Financial district, with units expected to start of $1.7M. Six penthouses also are being marketed, starting at $17M.
“The unprecedented financing we have secured for this transformative development anchored in Brickell is a testament to the demand for an ultra-luxury condominium product in this neighborhood,” Camilo Miguel, CEO of Miami-based Mast Capital, said in a statement, citing strong pre-sales at the Cipriani project.
Mexico City-based Banco Inbursa provided a $350M loan and Los Angeles-based Ascendant Capital Partners provided a $250M loan to finance the project, which is breaking ground this month and expected to be delivered in 2028. The debt was arranged by a Newmark team.
Cipriani Residences is the second major condo project in Miami that Banco Inbursa has financed this year.
The bank is providing a $95M construction loan for 600 Miami Worldcenter, a 32-story condo tower that is being built in the mixed-use, master-planned Worldcenter development.
Here’s what ultra-luxury means: in addition to a huge pool deck and spa, the development will include a private speakeasy, a screening room and a dog park. Concierge services include plant care and a limousine.
Mast Capital purchased the 2.8-acre site, three blocks from Biscayne Bay, in 2021 for $103M. Two years ago, Mast partnered with Cipriani on the tower project. Cipriani Residences is the first North American residential project for Cipriani, an Italian hotel and hospitality brand.
Mast also is planning to build two apartment towers on the site, in an equity partnership with Rockpoint Group.
The sons of CEO Giuseppe Cipriani have launched a spinoff brand of hotels and condos called Mr. C. Terra Group, based in Miami, is building to Mr. C Hotels and Residences is South Florida, in West Palm Beach and Coconut Grove, with plans to add a third in Fort Lauderdale.
The previous record for a construction loan in Florida was a $558M debt package provided by Bank OZK for the Estates at Acqualina, which featured two 50-story towers encompassing 245 condos.