David Martin’s Terra and the Morrison family’s Sympatico Real Estate have secured a $285 million construction loan for the planned Mr. C Hotel & Residences West Palm Beach. Tyko Capital, a New York-based real estate firm backed by Elliott Investment Management, is providing the financing. Aztec Group, based in Miami, represented the developers during this process.
The 27-story project will be located at 320 Lakeview Avenue and will include 110 hotel rooms and 146 branded condominiums. Owners of these condos will have the option to rent their units through the hotel program. The development is currently 70 percent presold, with Douglas Elliman handling sales. Condo sizes will range from one to four bedrooms and span between 830 and 2,200 square feet.
Arquitectonica is responsible for the building’s design, while Meyer Davis is overseeing interior work. Amenities are set to include a pool deck, spa, fitness center, business lounge, and other features. Mr. C will manage the property and operate several dining venues on site: Bellini Café, Bellini Restaurant, and a Bellini rooftop lounge.
Construction has recently begun on the building with completion expected in 2027.
This project represents the second Mr. C-branded residential development in South Florida by Terra; last year they completed Mr. C Residences in Miami’s Coconut Grove. The Mr. C brand is operated by Ignazio and Maggio Cipriani of the Cipriani family, who also manage properties in New York, Dubai, and Beverly Hills.
Other members of the Cipriani family oversee developments under the Cipriani brand—including Cipriani Residences now under construction in Miami’s Brickell neighborhood with Mast Capital as developer.
Tyko Capital has been active in South Florida real estate finance; last summer it provided $565 million for refinancing OKO Group’s and Cain International’s 830 Brickell office tower loan—one of South Florida’s largest such deals (https://therealdeal.com/miami/2023/06/23/vlad-doronin-oko-group-cain-international-refi-830-brickell-with-tyko-capital/). In April this year, Terra partnered with Jackie Soffer’s Turnberry to secure a $392 million construction loan from Tyko for their Miami Beach Convention Center hotel development (https://therealdeal.com/miami/2024/04/18/david-martins-terra-jackie-soffers-turnberry-score-392m-loan-for-miami-beach-hotel-project/).
