Historic news for the real estate market in South Florida was reported on Wednesday, February 6, by The Real Deal, a media outlet specializing in Real Estate. According to the information, a group of lenders led by Banco Inbursa granted Mast Capital, a real estate developer, a USD 600 million loan for the construction of Cipriani Residences, a condominium tower in Miami located in Miami’s Brickell Financial District.

This was the largest loan for a project of this type in this region of the state and demonstrates the growing interest in the market for houses and apartments for sale in Miami. “The previous record was the $558 million loan from the Trump Group for the construction of the two Estates at Acqualina towers in Sunny Isles Beach. Bank OZK provided that funding in 2018,” the outlet reported.

Condos in Miami: the features of Cipriani Residences

Cipriani Residences is an 80-story luxury condominium tower in Miami that will feature 397 housing units. It was designed by Bernardo Fort-Brescia’s architectural studio and the interior design company 1508 London.

“It will include a private restaurant and speakeasy for residents; a resort-style terrace with pools and cabanas; and a wellness center, fitness center, and pickleball court,” reads the review by The Real Deal.

Residences range from one bedroom plus den-to-four bedrooms ranging in size from 1,213 to over 3,495 square feet of indoor space and over 1,053 square feet of outdoor space. In addition, each residence features 10 feet of ceiling height, floor-to-ceiling windows, and generous terraces with glass railings for unobstructed views.

The news marks a milestone for the real estate market in Miami and demonstrates the confidence that the investment market has in this type of project. Mexico City-based Banco Inbursa also recently lent about $95 million to Merrimac Ventures and Aria Development Group to build 600 Miami Worldcenter, another condominium tower in Miami that sits within the mixed-use complex of the same name.

If you want to know and invest in this project, at PFS Realty Group we provide you with all the information you need and the best advice to achieve your investment.

 

References

  • The Real Deal (2023). https://therealdeal.com/miami/2024/02/06/mast-capital-scores-600m-loan-for-cipriani-residences-miami/