Casa Cipriani is one big step closer to reshaping a stretch of Miami Beach oceanfront, after 13th Floor Investments and Midtown Equities nailed down a $105 million refinancing package for their branded condo-and-hotel tower in Mid Beach. The 19-story project is planned to rise on a 1.1-acre parcel at 3611–3621 Collins Avenue, replacing two aging hotels with a stack of luxury condos, hotel rooms and a private members’ club.
Loan details
According to Multi-Housing News, BH3 Management supplied fresh capital by boosting an existing construction note by about $55.5 million, bringing total financing for the project to $105 million. The outlet reports that Bank OZK issued the original construction loan in 2023 and still had roughly $49.5 million outstanding when the new financing closed.
Project at a glance
The plan on file calls for a 19-story building with 23 condominiums stacked above 36 hotel rooms on the Collins Avenue site that the joint venture picked up for $73 million in 2023, according to Commercial Observer. Some of the residences are expected to be on the larger side, and the program mixes in public-facing spaces such as a jazz club and a garden bar alongside more tightly controlled private club areas.
Amenities and the Cipriani touch
Developers say residents and guests will get the full resort treatment, with a swimming pool, spa center with sauna and treatment rooms, a resident lounge and a fitness center, plus signature dining and catering under the Cipriani banner, per Connect CRE. The project marks the brand’s second Miami area venture, following Cipriani Residences in Brickell, Multi-Housing News notes.
Permits and approvals
The development team has already navigated a key round of local approvals. A Commission Warrant that allows flexibility in certain code parameters was granted for Casa Cipriani, according to a release from Akerman. Earlier application steps and public hearings played out last year as the proposal moved through Miami Beach’s review process, Commercial Observer reported.
Who is the lender?
BH3 Management, which supplied the latest round of financing, operates in South Florida as both a private lender and real estate developer, according to the firm’s site. The company has been behind other sizable Miami Beach deals, including a high-profile loan tied to the Raleigh redevelopment, as reported by The Real Deal.
What’s next
With the capital stack largely in place, the joint venture now has to tackle the unglamorous but crucial next steps: securing demolition and construction permits and setting a formal construction schedule. No firm build timeline has been released yet, but the new financing clears a major hurdle and positions the team to push deeper into the permitting and pre-construction phase.
