Mast Capital secured roughly $600 million in construction financing for its planned Cipriani Residences condo tower in Miami’s Brickell Financial District, The Real Deal has learned.
It marks the largest-known condo construction loan ever to close in South Florida. The previous record was the Trump Group’s $558 million construction loan for the two-tower Estates at Acqualina in Sunny Isles Beach. Bank OZK provided that financing in 2018.
Coconut Grove-based Mast, led by Camilo Miguel Jr., obtained the 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 construct the 80-story, 397-unit luxury high-rise planned for 1420 South Miami Avenue.
A spokesperson for Mast confirmed the loan closed. Banco Inbursa provided $350 million and Ascendant Capital Partners provided $250 million.
Mast had been working on securing financing for the project for months. Mast partnered with the hospitality firm Cipriani, led by CEO Giuseppe Cipriani, to launch sales of the building almost two years ago. Edgardo Defortuna’s Fortune Development Sales is handling sales and marketing. It’s more than 50 percent presold.
A groundbreaking 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 Bernardo Fort-Brescia’s Arquitectonica and the interior design firm 1508 London. It will include a private restaurant and speakeasy for residents; a resort-style pool deck with swimming 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 Cipriani Residences, the developer plans two apartment high-rises on the site. Mast Capital partnered with Rockpoint Group as an equity partner on the rental component.
Despite high interest rates, along with fewer lenders in the market and lenders limiting how much financing they’ll provide to a project, a handful of condo developers have been able to close large loans in recent months. That’s in part because the projects are reporting strong presales, and developers can tap into their buyers’ deposits to fund construction, reducing a prospective lender’s risk. Bank OZK is one of the largest lenders in South Florida. Nearly $2 billion in construction financing has closed in recent months across South Florida, including for mixed-use projects.
Banco Inbursa, based in Mexico City, recently provided the Motwani family’s Merrimac Ventures and Aria Development Group a $95 million construction loan for 600 Miami Worldcenter. The planned 32-story condo tower is being built within the mixed-use, master-planned Miami Worldcenter development. It is sold out.
Cipriani Residences will mark the first residential building for the Cipriani company, but the Italian family has other projects in the works. The fourth generation, Giuseppe Cipriani’s children, Ignazio and Maggio Cipriani, created the separate Mr. C brand, which operates the Mr. C hotel in Coconut Grove and will brand the nearly completed Mr. C Residences also in Coconut Grove.
More than two dozen branded condo projects are in the planning stages or under construction in the tri-county region, including towers branded by Casa Tua, Bentley, Baccarat, Ritz-Carlton and other major hospitality and luxury brands.
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