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Miami's Mast Capital has secured a groundbreaking $600 million construction loan, marking Florida's largest single-tower residential financing to date.
MIAMI, FLORIDA, UNITED STATES OF AMERICA, June 29, 2024 /EINPresswire.com/ -- Mast Capital, a prominent Miami-based developer, has secured a historic $600 million construction loan, marking the largest single-tower residential loan ever in Florida, for Cipriani Residences Miami. This landmark financing, sourced from Mexico-based Banco Inbursa and Ascendant Capital Partners with $350 million and $250 million respectively, underscores the project's significance in Miami's evolving real estate landscape.
Located at 1420 S Miami Ave in Brickell, Cipriani Residences Miami is set to redefine luxury living with an 80-story tower offering 397 residences boasting panoramic views of Biscayne Bay, the Brickell skyline, and Coconut Grove. This development, Mast Capital's visionary endeavor, aims to elevate Brickell as a premier residential and business hub within Miami.
Camilo Miguel, CEO of Mast Capital, expressed confidence in the project's transformative impact on the neighborhood, stating, "Cipriani Residences Miami will appeal to a diverse range of domestic and international buyers, enhancing Brickell's allure amidst ongoing growth driven by wealth migration and business expansion."
The acquisition of the 2.8-acre site in December 2021 for $103 million positioned Mast Capital strategically to create a high-rise masterpiece. Designed by Bernardo Fort-Brescia of Arquitectonica with interiors by 1508 London, residences at Cipriani start at $1.7 million, offering one- to four-bedroom layouts and exclusive penthouses with private pools, slated for completion in 2028.
The Canaletto Collection, a pinnacle of luxury within Cipriani Residences Miami, features bespoke amenities including a private speakeasy, global concierge services, and custom-designed furnishings by 1508 London, with penthouse pricing starting at $17 million. Residents will enjoy around-the-clock dining by Cipriani, expansive resort-style pools, and a comprehensive wellness center.
Mast Capital's robust development portfolio, encompassing over $3.5 billion in acquisitions and new-build developments across Florida, underscores its leadership in real estate innovation. Legal counsel for the transaction was provided by Gibson, Dunn & Crutcher LLP, Greenberg Traurig P.A., Cleary Gottlieb Steen & Hamilton LLP, and Holland & Knight, with Newmark arranging the financing led by Jordan Roeschlaub, Dustin Stolly, and Nick Scribani.
Fortune Development Sales manages sales and marketing for Cipriani Residences Miami, poised to set a new standard for luxury living in Miami's vibrant Brickell district. For more information, visit Cipriani Residences Miami.
This press release is independent and not affiliated with the official Developer's website or any associated brand. Our services include comprehensive buyer representation. For more information please visit https://ciprianiresidencesmiamifl.com
Esther Santamaria
Santamaria Realty Group+1 305-871-9086[email protected]
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June 29, 2024, 07:58 GMT
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