Mast Capital Secures Record $600M Loan To Build Brickell Condo Tower
Mast Capital secured $600M from two lenders to build the Cipriani Residences condo project in Brickell, the largest loan ever provided for a single tower in Florida, according to a release.
The 80-story Cipriani Residences is slated to include 397 units at 1420 S. Miami Ave. in the southern portion of Brickell. Mexico City-based Banco Inbursa provided $350M in financing to the project, and Los Angeles-based Ascendant Capital Partners provided a $250M loan.
“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 at Mast Capital, said in a statement.
Miami-based Mast Capital credited strong pre-sale activity in helping the developer secure the debt, but a spokesperson for the firm declined to say how many of the project’s units are under contract.
Cipriani Residences is slated to break ground this week, and delivery is scheduled for 2028. Sales of the project’s condos, which range from 1,123 SF to 3,495 SF and are priced starting at $1.7M, are being handled by Fortune Development Sales. Six penthouses are available, starting at $17M.
The project was designed by Bernardo Fort-Brescia, co-founder of Arquitectonica, with interior design from 1508 London.
In addition to standard amenities at luxury condo towers like a resort-style pool deck, fitness center and spa, the project is also slated to include a private speakeasy and restaurant, a pickleball court, a screening room, a salon and a dog park. Concierge services like plant care, pet grooming and a limousine to take residents within a 3-mile radius are also included.
The debt was arranged by a team at Newmark that included Jordan Roeschlaub, Dustin Stolly and Nick Scribani, with attorneys at Greenberg Traurig providing legal counsel to the developer.
Holland & Knight served as legal counsel to both lenders, with Banco Inbursa receiving additional guidance from Cleary Gottlieb Steen & Hamilton and Ascendant getting additional representation from Bryan Cave Leighton Paisner.
Mast Capital purchased the 2.8-acre site in December 2021 for $103M. The developer has also partnered with Boston-based private equity firm Rockpoint Group on plans to build two apartment towers rising 50 and 60 stories on the site, which is three blocks from Biscayne Bay.
The $600M in financing announced Tuesday surpasses Florida’s previous $558M record for a construction loan, set in 2018 by Bank OZK for the Estates at Acqualina. That project included two 50-story towers with 245 condos built by Aventura-based Trump Group, which has no affiliation to former president Donald Trump.
The financing also marks the second significant loan from Banco Inbursa, owned by Carlos Slim, Latin America's richest person, to be announced this week.
The bank recently provided Merrimac Ventures and Aria Development Group $95M in financing to build 600 Miami Worldcenter, a 606-unit condo tower that is fully sold and slated to break ground next month. The same Newmark team that assisted Mast Capital also led the 600 Miami Worldcenter financing.
Mast Capital’s project is the first North American residential project for Cipriani, an Italian hotel and hospitality firm, according to the release. Ignazio and Maggio Cipriani, the sons of CEO Giuseppe Cipriani, have also launched the Mr. C brand of hotels and condos.
Miami-based Terra Group is building the Mr. C Hotel & Residences in West Palm Beach to complement a second South Florida location in Coconut Grove that it's also developing. The brand has plans to expand to locations in Fort Lauderdale and Dubai.
