Through Banco Inbursa, Carlos Slim expanded his loan catalog in the United States. The Mexican millionaire is one of the lenders behind the Cipriani Residences building in Miami, Florida.
Mast Capital, developers of the 397-unit building, raised $600 million from lenders including Carlos Slim’s Banco Inbursa.
Also involved in the construction loan, one of the largest in Florida history, is Ascendant Capital Partners to finance the 80-story tower, according to a statement from Mast.
While borrowing costs have hampered real estate development in the United States, lenders still have an appetite for Miami’s luxury projects.
Carlos Slim invests in Cipriani Residences: What is the luxurious building in Miami like?
The building, which will have penthouses valued at 40 million dollars, about 682,388 million pesos, according to the exchange rate on February 6, will be the first residential tower built from scratch under the name of Cipriani.
“We secured financing because of the magnitude of this property,” said Mast CEO Camilo Miguel. “It is a land that is in the highest area that exists in Miami.”
In December 2021, Mast Capital purchased the land—one of the few remaining vacant lots in Miami’s central Brickell neighborhood—for $108 million. The building is scheduled to be completed in 2028.
Cipriani Residences was designed by architecture firms Arquitectonica and 1508 London. These are “elegant homes” that “offer true comfort and privacy, inspired by their location and Cipriani’s timeless style. “The interior and exterior spaces embrace the sun-drenched landscape, while the brand’s nautical aesthetic blends subtly with the façade,” notes the condominium’s website.
The condominium that obtained financing from Carlos Slim is an 80-story glass tower, with a curved and organic shape that overlooks the promenade. “The comfortable and sophisticated design extends to the interiors and brings a sense of luxury and subtle Italian style to every aspect of the living experience,” notes the property’s website.
Inbursa gives close to 500 million dollars in loans in Miami
Banco Inbursa has invested almost $500 million in condominium projects in Miami this week alone. In addition to the $350 million it is contributing to the Cipriani project, it also granted a $95 million loan to the Miami World Center, located in the center of the city.
According to the Bloomberg Billionaires Index, Carlos Slim, 84, is the richest person in Latin America with a fortune of $100.5 million.
Carlos Slim’s fortune is mainly due to the telecommunications giant América Móvil SAB de CV.
With information from Bloomberg.
2024-02-06 21:06:47
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