Mast Capital has landed a $600M loan from two lenders for an 80-story luxury condo tower in Miami, the largest construction loan every provided for a single tower in Florida.
Cipriani Residences is planned for 397 units at 1420 S. Miami Avenue in the southern part of the Brickell Financial district, with units expected to start of $1.7M. Six penthouses also are being marketed, starting at $17M.
"The unprecedented financing we have secured for this transformative development anchored in Brickell is a testament to the demand for an ultra-luxury condominium product in this neighborhood," Camilo Miguel, CEO of Miami-based Mast Capital, said in a statement, citing strong pre-sales at the Cipriani project.
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