Mast Capital, a Miami-based real estate developer, is gearing up to begin construction on Cipriani Residences Miami following robust sales activity. The developer has secured a record-breaking construction loan of $600 million from Mexico’s Banco Inbursa and Ascendant Capital Partners, the largest amount ever obtained for a single-tower residential construction in Florida. The considerable loan, consisting of $350 million from Banco Inbursa and $250 million from Ascendant Capital Partners, highlights the strong market confidence in the project, driven by its sought-after design, amenity offering, and prime location in the Brickell neighborhood.
Situated on the southern edge of Brickell’s business district, Cipriani Residences Miami will be the brand’s first-ever ground-up residences in the Americas. The high-profile condominium development, which is redefining luxury within the Brickell neighborhood, encompasses an 80-story luxury condominium tower with 397 residences offering spectacular views of Biscayne Bay, the Brickell skyline, and Coconut Grove. The site benefits from being located close to all the destinations within Brickell while also offering better accessibility and less traffic given its proximity to the lower density areas of Brickell to the South.
“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. We have assembled the highest caliber of architecture, and design to execute this project and further solidify the position of Miami’s Brickell Financial District as a business and residential community,” said Camilo Miguel, CEO of Mast Capital. “Cipriani Residences Miami will transform the neighborhood and appeal to a wide variety of domestic and international residents, especially at a time when Brickell continues to experience robust growth fueled by the steady pace of wealth and business migration.”
Mast Capital purchased the 2.8-acre site located at 1420 South Miami Avenue for $103 million in December 2021, which at the time represented the acquisition of one of the last remaining raw parcels of land in Brickell available to build a large-scale, high-rise development. The condominium tower is a signature Bernardo Fort-Brescia design by architecture firm Arquitectonica and world-renowned interior design firm 1508 London.
Starting at $1.7 million, the market-leading Cipriani Residences Miami offers one- to four-bedroom residences ranging from 1,123 to 3,495 square feet, in addition to penthouses with private pools, with completion slated for 2028. As the crowned jewel of Cipriani Residences Miami, the Canaletto Collection will offer a boutique experience to residents that includes priority access to the tower’s private speakeasy and dining spaces, exclusive global concierge services, and custom finish and furniture packages available for purchase, designed by 1508 London. The Canaletto Collection, which comprises six penthouses, will also feature direct elevator entry and a limited number of residences per floor, appealing to discrete residents who prioritize privacy. Pricing for the penthouses starts at $17 million. The condominium will offer all residents exclusive access to around-the-clock dining services by Cipriani in the private restaurant, 24-hour in-home dining and catering services. Dining services will extend to the elevated resort deck, featuring multiple swimming pools, lounges, and cabanas.
Residents will also have access to a fully equipped state-of-the-art fitness center and a holistic spa, including an ice plunge and sauna. The condo tower’s robust amenity package will also include a golf simulator, pickleball court, screening room, library, and salon for beauty services. Residents will also have the convenience of a private dog park, children’s playroom, and à la carte services like plant care, away-from-home maintenance, pet grooming and walking, luxury house limousine transport within a three-mile radius, in-residence spa treatments, personal training, and more.
Mast Capital has emerged as one of Florida’s most active real estate development and investment firms today, with a diverse portfolio of residential, hospitality, and commercial properties throughout the State. The firm continues to expand its portfolio, with acquisitions representing over $3.5 billion in total project capitalization. These investments include new-build development of over 4,000 residential units in South Florida and the Fort Myers and Tampa metro areas.
Newmark arranged the transaction with a Debt and Structured Finance team led by Co-Presidents Jordan Roeschlaub and Dustin Stolly alongside Executive Managing Director Nick Scribani. Harry Silvera and Yehuda Auman of Gibson, Dunn & Crutcher LLP Kimberly LeCompte, and Eric Fisher of Greenberg Traurig P.A. served as legal counsel for the developer. Aron Zuckerman and Norian Watson of Cleary, Gottlieb, Steen & Hamilton LLP served as legal counsel for Banco Inbursa. Evan Kaufman and Andy Auerbach of Bryan Cave Leighton Paisner LLP served as legal counsel for Ascendant Capital Partners. Ilana Strickon of Holland & Knight served as legal counsel to both lenders. Fortune Development Sales is exclusively managing sales and marketing for the condominium. Moss & Associates LLC serves as the general contractor, with a site work permit issued by Miami’s Building Department in June 2023. Vertical construction permits are currently under review.