David Martin’s Terra and the Morrison family’s Sympatico Real Estate have secured a $285 million construction loan from Tyko Capital for their planned Mr. C Hotel & Residences West Palm Beach. The waterfront project, located at 320 Lakeview Avenue, will feature a 27-story building with 110 hotel keys and 146 branded condominiums that owners can rent through the hotel program.
Tyko Capital is a New York-based real estate firm backed by Elliott Investment Management. Miami-based Aztec Group represented the developers in securing this financing.
The project is part of an ongoing surge in luxury condominium developments in and around downtown West Palm Beach. According to a press release, the development is currently 70 percent presold, with Douglas Elliman leading sales efforts. The condos will range from one to four bedrooms, spanning between 830 square feet and 2,200 square feet.
Designed by Arquitectonica with interiors by Meyer Davis, amenities will include a pool deck, spa, fitness center, business lounge, as well as food and beverage options such as Bellini Café, Bellini Restaurant, and a Bellini rooftop lounge managed by Mr. C. The property management will also be handled by Mr. C.
Groundbreaking has recently taken place on the building, which is expected to be completed in 2027.
This development marks the second Mr. C-branded residential project in South Florida for Terra; last year it completed Mr. C Residences in Miami’s Coconut Grove. The Cipriani family’s Ignazio and Maggio Cipriani operate the Mr. C brand with properties in New York, Dubai, and Beverly Hills. Other members of the Cipriani family manage the Cipriani brand itself—including Cipriani Residences under construction in Miami’s Brickell neighborhood—with Mast Capital developing that particular project.
Tyko Capital has been active in South Florida lending; last summer it provided $565 million in refinancing to Vlad Doronin’s OKO Group and Cain International for Miami’s 830 Brickell office tower—a deal noted as one of South Florida’s largest refinancings (https://therealdeal.com/miami/2023/07/24/vlad-doronin-cain-refi-830-brickell-with-tyko-capital-backed-loan/). Terra also previously partnered with Tyko earlier this year when it joined Jackie Soffer’s Turnberry to secure a $392 million construction loan for their Miami Beach Convention Center hotel development (https://therealdeal.com/miami/2024/04/25/terra-turnberry-score-392m-loan-for-miami-beach-convention-center-hotel/).
“Ignazio and Maggio Cipriani run the Mr. C brand.”
“Douglas Elliman is leading sales.”
“Aztec Group represented the developers in the financing.”
