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.
Other News
Pasadena Offices Sell for Residential Conversion
NAI Capital Commercial EVPs John S. Archibald and Guillermo Olaiz, alongside senior associate Stephen Lam of the Investment Services Group in the Pasadena office, represented the seller, Star Horizon, LLC, in the sale of ZK Plaza, a 41,586-square-foot office building in Pasadena. The property sold for $13,400,000, representing a 3.5% premium over asking. Located at...
Learn more
Berkadia Negotiates Student Housing Property Sale in Kansas
Berkadia announced the sale of Orchard Corners & Suites, a 139-unit, 264-bed, garden-style student housing property serving The University of Kansas in Lawrence, Kansas. Berkadia’s Student Housing and Kansas City investment sales teams collaborated to facilitate the transaction on behalf of the seller, Utah-based Redstone Residential. The Berkadia team included Senior Managing Directors Travis Prince...
Learn more
Roxborough Makes Second NorCal Apartment Buy Through Latest Fund
The Roxborough Group, LLC has acquired Bidwell Park, a 246-unit apartment community in Fremont, for $109.4 million. The 95% occupied property at 39800 Fremont Blvd. represents Roxborough’s second multifamily acquisition in Northern California within Roxborough Fund III, L.P., a $518-million discretionary fund focused on opportunistic and value-add investments. “The acquisition of Bidwell Park aligns with...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout