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Financing Secured for Miami’s Casa Cipriani
13th Floor Investments and Midtown Equities snagged financing for Casa Cipriani, a condo and hotel project in Miami. The development will comprise 23 condos and 36 hotel rooms. Casa Cipriani will rise 19 stories on 1.1 acres in the Mid-Beach neighborhood. Commercial Search reports the joint venture acquired the site, which houses two obsolete hotel structures, for $73 million in 2023.
BH3 Management provided the funds that increase an existing loan by $55.5 million. Bank OZK had issued the original construction note in 2023, and its outstanding balance amounted to $49.5 million at the time of closing the current deal.
Amenities will include a swimming pool, a spa center with sauna and treatment rooms, a resident lounge, and a fitness center. Also included is dining experiences by Cipriani, catering services and a private members’ club.
The Cipriani Residences Miami, an 80-story condo tower in the city’s Brickell neighborhood, was the group’s first Cipriani-branded venture.
- ◦Financing
