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Casa Cipriani, a planned luxury condo and hotel project in Miami, has secured additional financing as joint venture partners 13th Floor Investments and Midtown Equities move the development forward. The project, located on a 1.1-acre site in the city’s Mid-Beach neighborhood, is designed as a 19-story tower that will combine residential condominiums with a boutique hospitality offering. Plans call for 23 condominiums and 36 hotel rooms, positioning the property as a mixed-use hospitality and residential asset within one of Miami’s established beachfront districts.
The joint venture previously acquired the development site, which is currently occupied by two obsolete hotel structures, for $73 million in 2023, according to reporting cited from Commercial Search. The replacement of older hotel buildings with a new ground-up project underscores ongoing capital commitments to reposition aging hospitality inventory in established coastal submarkets. The acquisition set the stage for the current financing initiative that builds on an existing construction capital stack.
BH3 Management has now provided funds that increase an existing loan on the property by $55.5 million. That incremental capital is being layered onto a construction financing package originally issued by Bank OZK. Bank OZK extended the initial construction note in 2023, and the outstanding balance of that loan was $49.5 million at the time this latest financing closed. The new BH3 commitment effectively enlarges the financing available to the sponsors, though specific loan terms, structure, and maturity details were not disclosed.
The project’s amenity program is expected to be a key differentiator in the competitive Miami beachfront hospitality and luxury residential market. Planned amenities include a swimming pool, a spa center with sauna and treatment rooms, a resident lounge, and a fitness center. The development will also feature dining experiences by Cipriani, catering services, and a private members’ club, aligning the property with the brand’s focus on high-touch service and club-oriented offerings. These components are intended to support both hotel guests and condominium owners under a unified hospitality concept.
The Casa Cipriani project builds on the broader Cipriani-branded footprint in Miami. Cipriani Residences Miami, an 80-story condominium tower in the city’s Brickell neighborhood, marked the group’s first branded venture in the market. While the Brickell tower is a separate asset and submarket, the addition of Casa Cipriani in Mid-Beach indicates continued brand activity across multiple Miami districts, supported by institutional and private capital providers willing to finance large-scale hospitality and residential developments.
With new capital from BH3 Management augmenting the Bank OZK construction loan, 13th Floor Investments and Midtown Equities have expanded their funding base for Casa Cipriani. The combination of a prime Mid-Beach location, repositioning of an obsolete hotel site, and a branded amenity suite reflects ongoing lender and sponsor engagement in Miami’s higher-end hospitality and condominium pipeline, even as specific loan pricing and structure remain undisclosed.
The post 13th Floor, Midtown Equities Secure Financing for Casa Cipriani Condo-Hotel in Miami appeared first on CRE Market Beat.
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