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Mast Capital Secures Record $600M Loan for Brickell Condos – Connect CRE

by | Feb 7, 2024 | 0 comments

Mast Capital has secured a construction loan of $600 million for its Cipriani Residences Miami, an 80-story luxury condominium tower. It’s recognized as a new record for the largest single-tower residential construction loan ever obtained in Florida. The loan comes from Mexico-based Banco Inbursa and Ascendant Capital Partners, contributing $350 million and $250 million, respectively. The high-profile condominium development offers 397 residences.

Mast Capital purchased the 2.8-acre site located at 1420 S Miami Ave. 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 Bernardo Fort-Brescia design by architecture firm Arquitectonica.

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. Work on the project has commenced. Completion is slated for 2028.

Newmark arranged the transaction with a team led by Jordan Roeschlaub and Dustin Stolly.

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