Mast Capital has secured a massive construction loan for its 80-story condominium project in Miami, Fla. The developer landed $600 million in financing, including $250 million from Banco Inbursa and $250 million from Ascendant Capital Partners. Newmark arranged the loan, which the developer said is the largest single-tower residential construction loan in Florida’s history.
The developer has already broken ground on the project and is expected to deliver Cipriani Residences Miami in 2028. Camilo Miguel, CEO of Mast Capital, said in prepared remarks that this record-setting financing highlights the demand for ultra-luxury condos in Miami’s Brickell neighborhood.
Mast Capital acquired the 2.8-acre project site for $103 million in December 2021. The site was one of the last remaining raw parcels of land in Miami’s Brickell neighborhood that could accommodate a high-rise development, according to Mast Capital. Since then, the developer has tapped Arquitectonica as the project’s architect and 1508 London as interior designers. Fortune Development Sales was put in charge of sales and marketing for Cipriani Residences Miami.
When completed, the luxury community will offer 397 units in one-, two-, three- and four-bedroom units ranging from 1,123 to 3,495 square feet. The units will be built with floor-to-ceiling windows, terraces, walk-in wardrobes, wine coolers, integrated refrigerators and kitchen islands, while penthouse options will also include private pools. The community’s amenities will include a fitness center, spa, golf simulator, pickleball court, screening room, library, salon, private dog park and children’s playroom.
On top of the amenities, Cipriani Residences Miami will offer its residents a la carte services like plant care, away-from-home maintenance, pet grooming and walking, limousine transport, in-unit spa treatments, personal training and more. Located at 1421 S. Miami Ave., the community will be steps away from Miami’s waterfront and less than a mile away from downtown Miami’s many attractions like the Brickell City Centre shopping center and the Kaseya Center arena.
South Florida focus
As an active developer in Florida, Mast Capital has several projects that are currently under construction, though not as ambitious as its Cipriani Residences Miami project. The developer has partnered with Rockpoint again to develop a 178-unit luxury community in Miami Beach, Fla. The partnership broke ground on the Arquitectonica-designed project in March and is planning to deliver in fall 2024. A month later, the two companies secured another partner with The Spear Group to break ground on a 264-unit community in Palm Springs, Fla.
Overall, Mast Capital’s portfolio includes residential, hospitality and commercial properties throughout Florida. Including its most recent groundbreakings, the company’s development pipeline includes more than 4,000 residential units in South Florida, as well as in the Fort Myers and Tampa metros.
