MAST Capital Hosts Groundbreaking And Receives Record-Setting $600M Construction Loan For Cipriani Residences Miami

Just in time for the much anticipated groundbreaking of Cipriani Residences Miami, MAST Capital has received a record-setting $600 Million in construction financing to build the luxury tower. This marks the largest construction loan on record in the Miami area.

The Coconut Grove-based developer, MAST Capital, partnered with Italy’s Cipriani family to bring Cipriani Residences into Miami’s Brickell Financial District. Sales of the 80-story ultra-luxury tower launched in 2022 with prices from $1.7 million and penthouses priced starting at $17 million. As of today, over half of the 397 residences have sold.

The issuance of such a large construction loan is a testament to the strength of the project as construction financing is notoriously difficult to obtain. Banks will consider the portfolio of successful projects by the developer with the specs and plans of the new building and pre-sales history with cash deposits.

MAST Capital is no stranger to successful projects in South Florida with a portfolio that includes The Perigon on Miami Beach’s Millionaire’s Row in the works and South of Fifth’s Louver House that opened in 2017.

Cipriani is a worldwide brand that represents four generations of the highest quality hospitality with restaurants and lounges as well as hotels and residences. You can find a taste of their impeccable brand standard at the chic Cipriani restaurant in Brickell as well as Mr. C in Coconut Grove.

The financing was issued in two loans and includes mezzanine financing. Banco Imbursa from Mexico provided $350 million and China’s Ascendant Capital Partners completed the financing by contributing $250 million. This deal has surpassed the $558 million construction loan that was obtained by Trump Group to build The Estates at Acqualina in Sunny Isles Beach back in 2018. Bank OZK had provided that financing.

The construction financing came together just in time to be celebrated at the official groundbreaking soiree, which was hosted on February 6 on the build site at 1420 South Miami Avenue. Cipriani Residences Miami is expected to be completed in 2028.

If you are interested in a presentation and specific pricing, please contact Michael Light, Broker and Executive Director of Luxury Sales at Douglas Elliman. You may reach Michael directly at (786) 566-1700 or via email at moc.semohyruxulimaim@leahcim.

Image Credit: MAST Capital / TAMZ