Mast Capital, the developers behind the luxurious Cipriani Residences Miami, have successfully secured $600 million in funding from various lenders, including Banco Inbursa, owned by Carlos Slim as reported by Bloomberg. This construction loan stands as one of the largest in the history of the state. In addition to Banco Inbursa, Ascendant Capital Partners is also contributing to finance the 80-story tower, confirmed by Mast in a recent statement.
Bloomberg’s article further notes that while rising borrowing costs and a cautious approach from banks have posed challenges for real estate development nationwide, it seems that lenders still have a huge appetite for Miami. The Cipriani Residences Miami, which will boast penthouses worth $40 million, marks the first residential tower to be built entirely under the prestigious Cipriani name.
Camilo Miguel, the CEO of Mast Capital, expressed his satisfaction with securing the financing, attributing it to the immense scale and prime location of the property. He stated, "It's a parcel that's in the highest zoning that exists in Miami."
Cipriani: A Legacy of Excellence
Established in 1931 in Venice, Italy, by Giuseppe Cipriani, this iconic hospitality brand has become synonymous with luxury, elegance, and impeccable service. Over the years, Cipriani has expanded its operations globally, with exquisite properties in cities like New York, Dubai, and Monte Carlo, attracting discerning travelers from around the world.
Cipriani Miami's Vision and Concept
Cipriani Miami aims to create a destination that transcends traditional boundaries. The project's residential tower offers a collection of luxurious residences, meticulously designed to provide residents with opulent living spaces, finest amenities, breathtaking views of the city, and impeccable service.
Amenties include to a fully equipped, state-of-the-art fitness center, a holistic spa, which includes features such as an ice plunge and a sauna, a golf simulator, a pickleball court, a screening room, a library, and a salon that offers beauty services. For the convenience of the residents, there is also a private dog park and a children's playroom. Furthermore, à la carte services such as 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 are available to the residents.
Cipriani Miami aims to redefine luxury living by offering residents and guests an unparalleled lifestyle experience. From exclusive access to state-of-the-art amenities, including a spa, fitness center, and private dining options, to a dedicated concierge service catering to every need, Cipriani Miami will ensure that luxury permeates every aspect of daily life.
Slated to be delivered in 2028, Cipriani Miami consisting of 397 residences and the Canaletto Pethouse collection, will represent a significant milestone for the renowned Italian hospitality group. This project will be their inaugural venture into creating branded residences from the ground up in the United States.
Cipriani Miami's Residence collection
The Potential Impact on the Miami Real Estate Market
Cipriani Miami's $600 million loan has the potential to create a ripple effect in the Miami real estate market. This landmark development, once completed, will not only enhance Miami's skyline but will continue elevating the overall perception of the city as a global luxury destination. The success of Cipriani Miami could further drive growth and innovation in the local real estate market.
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