Miami-based developer Mast Capital has secured a construction loan of $600 million, setting a new record for the largest single-tower residential construction loan ever obtained in Florida for Cipriani Residences Miami. The loan comes from Mexico-based Banco Inbursa and Ascendant Capital Partners, contributing $350 million and $250 million, respectively. The site is one of the last remaining raw parcels of land in Brickell and will serve as the southern gateway to Miami’s financial district.
Situated on the southern edge of Brickell’s business district, Cipriani Residences Miami will be the brand’s first-ever ground-up residences in the Americas. The high-profile condominium development, which is redefining luxury within the Brickell neighborhood, encompasses an 80-story luxury condominium tower with 397 residences offering spectacular views of Biscayne Bay, the Brickell skyline, and Coconut Grove. The site benefits from being located close to all the destinations within Brickell while also offering better accessibility and less traffic given its proximity to the lower density areas of Brickell to the South.
“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. We have assembled the highest caliber of architecture, and design to execute this project and further solidify the position of Miami’s Brickell Financial District as a business and residential community,” said Camilo Miguel, CEO of Mast Capital. “Cipriani Residences Miami will transform the neighborhood and appeal to a wide variety of domestic and international residents, especially at a time when Brickell continues to experience robust growth fueled by the steady pace of wealth and business migration.”
While the influx of new residents to Miami, particularly the highly desirable Brickell neighborhood, seeking a cosmopolitan lifestyle, warm weather, and favorable tax environment is not new, this trend has dramatically accelerated since mid-2020 and is expected to continue over the years to come.
Mast Capital purchased the 2.8-acre site located at 1420 S Miami Ave. for $103 million in December 2021, which at the time represented the acquisition of one of the last remaining raw parcels of land in Brickell available to build a large-scale, high-rise development. The condominium tower is a signature Bernardo Fort-Brescia design by architecture firm Arquitectonica and world-renowned interior design firm 1508 London.
Starting at $1.7 million, Cipriani Residences Miami offers one- to four-bedroom residences ranging from 1,123 to 3,495 square feet, in addition to penthouses with private pools, with completion slated for 2028. As the crowned jewel of Cipriani Residences Miami, the Canaletto Collection will offer a boutique experience to residents that includes priority access to the tower’s private speakeasy and dining spaces, exclusive global concierge services and custom finish and furniture packages available for purchase, designed by 1508 London. The Canaletto Collection, which comprises six penthouses, will also feature direct elevator entry and a limited number of residences per floor appealing to discrete residents who prioritize privacy. Pricing for the penthouses starts at $17 million. The condominium will offer all residents exclusive access to around-the-clock dining services by Cipriani available in the private restaurant, 24-hour in-home dining and catering services. Dining services will extend to the elevated resort deck featuring multiple swimming pools, lounge and cabanas.
Residents will also have access to a fully equipped state-of-the-art fitness center, as well as a holistic spa including an ice plunge and sauna. The condo tower’s robust amenity package will also include a golf simulator, a pickleball court, a screening room, as well as a library and salon for beauty services. Residents will also have the convenience of a private dog park, children’s playroom and à la carte services like plant care, away-from-home maintenance, pet grooming and walking, luxury house limousine transport within a three-mile radius, in-residence spa treatments, personal training and more.
Mast Capital has emerged as one of Florida’s most active real estate development and investment firms today, with a diverse portfolio of residential, hospitality, and commercial properties throughout the State. The firm continues to expand its portfolio, with acquisitions representing over $3.5 billion in total project capitalization. These investments include new-build up development of over 4,000 residential units in South Florida, as well as the Fort Myers and Tampa metro areas.
Newmark arranged the transaction with a Debt and Structured Finance team led by Co-Presidents Jordan Roeschlaub and Dustin Stolly alongside Executive Managing Director Nick Scribani. Harry Silvera and Yehuda Auman of Gibson, Dunn & Crutcher LLP and Kimberly LeCompte and Eric Fisher of Greenberg Traurig P.A. served as legal counsel for the developer. Aron Zuckerman and Norian Watson of Cleary, Gottlieb, Steen & Hamilton LLP served as legal counsel for Banco Inbursa. Evan Kaufman and Andy Auerbach of Bryan Cave Leighton Paisner LLP served as legal counsel for Ascendant Capital Partners. Ilana Strickon of Holland & Knight served as legal counsel to both lenders. Sales and marketing for the condominium development is handled exclusively by Fortune Development Sales.
Renderings via Mast Capital