MIAMI — Developer Mast Capital has received a $600 million construction loan for Cipriani Residences Miami, an 80-story condominium tower in the city’s Brickell neighborhood. The 397-unit project will offer views of Biscayne Bay, the Brickell skyline and Coconut Grove.
Mexico-based Banco Inbursa and Ascendant Capital Partners provided the financing, contributing $350 million and $250 million, respectively. The loan marks the largest single-tower residential construction loan ever obtained in Florida and underscores the project’s strong pre-sale activity, according to Mast.
Camilo Miguel, CEO of Mast, says the unprecedented financing is a testament to the demand for an ultra-luxury condominium project in the neighborhood. The area has experienced an influx of new residents, particularly since mid-2020. Mast purchased the 2.8-acre site at 1420 S. Miami Ave. for $103 million in December 2021.
Cipriani Residences Miami will offer floor plans ranging from 1,123 to 3,495 square feet as well as penthouses with private pools. Pricing will start at $1.7 million for most of the condos, while pricing for the penthouses will begin at $17 million.
All residents will have access to dining services in a private restaurant as well as 24-hour in-home dining and catering services. Dining services will extend to the resort deck, which will feature multiple pools, lounges and cabanas. Residents will also have access to a fitness center as well as a holistic spa with an ice plunge and sauna. Additional amenities will include a golf simulator, pickleball court, screening room, library, salon, dog park and children’s playroom.
Additional service offerings for residents will include plant care, away-from-home maintenance, pet grooming and walking, luxury limousine transport within a three-mile radius, in-residence spa treatments and personal training.
Bernardo Fort-Brescia of architecture firm Arquitectonica designed the tower, and 1508 London is designing the interiors. Completion is slated for 2028.
Jordan Roeschlaub, Dustin Stolly and Nick Scribani of Newmark arranged the financing. Fortune Development Sales is handling the sales and marketing of the units.
Mast maintains a portfolio of residential, hospitality and commercial properties throughout Florida. The firm’s acquisitions represent more than $3.5 billion in total project capitalizations, including the ground-up development of more than 4,000 residential units.
— Kristin Harlow