Mast Capital Lands Record $600M Construction Loan for Cipriani Condo in Miami
By Julia Echikson February 6, 2024 1:39 pm
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Mast Capital scored $600 million for Miami’s Cipriani-branded luxury development complex, in what’s likely South Florida’s largest construction loan ever.
The development, called Cipriani Residences Miami, will rise 80 stories and include 397 residences. Three years ago, the Miami-based developer purchased the 2.8-acre site at 1420 S Miami Avenue in the city’s financial district for $103 million.
The financing package includes $350 million from Banco Inbursa and $250 million from Ascendant Capital Partners. Newmark’s Jordan Roeschlaub, Dustin Stolly and Nick Scribani brokered the debt.
Construction is expected to commence this week and is scheduled to be completed in 2028. The Arquitectonica– and 1508 London-designed project is over 50 percent pre-sold with prices for individual units ranging from $1.7 million to $17 million, according to The Real Deal, which first reported the news.
Mast’s financing package appears to best the previous construction loan record for South Florida: the $558 million that the Trump Group secured from Bank OZK for the Estates at Acqualina complex in 2018. (The Aventura-based Trump Group is not affiliated with former President Donald Trump.)
Despite interest rate hikes, which have slowed the debt market, developers are still managing to secure sizable construction loans for luxury condo projects in South Florida.
Last year, Witkoff Group and Monroe Capital raised $430 million from JPMorgan Chase to redevelop an Art Deco property in Miami Beach. Toward the end of 2023, Miami developers CMC Group and Fortune International Group landed loans north of $200 million.
Julia Echikson can be reached at jechikson@commercialobserver.com.
