David Martin’s Terra and Sympatico Real Estate, led by the Morrison family, have secured a $285 million construction loan for the Mr. C Hotel & Residences West Palm Beach project. The financing comes from Tyko Capital, a New York-based real estate firm supported by Elliott Investment Management.
The planned 27-story development at 320 Lakeview Avenue will feature 110 hotel rooms and 146 branded condominiums. Owners of these condos will have the option to rent them through the hotel program. Miami-based Aztec Group represented the developers in arranging the financing.
Sales for the waterfront property began about two years ago, and Douglas Elliman is handling sales efforts. According to a press release, 70 percent of units are already presold. The residences will range from one to four bedrooms, with sizes between 830 and 2,200 square feet.
Arquitectonica designed the building while Meyer Davis is responsible for interiors. Amenities include a pool deck, spa, fitness center, business lounge, and additional features. Mr. C will manage the property and operate several dining venues including Bellini Café, Bellini Restaurant, and a Bellini rooftop lounge.
Construction has recently started on the project, which is expected to be completed in 2027.
This marks the second Mr. C-branded residential project in South Florida for Terra; last year it finished Mr. C Residences in Coconut Grove. The Mr. C brand is managed by Ignazio and Maggio Cipriani of the Cipriani family, who also operate properties in New York, Dubai, and Beverly Hills.
Other members of the Cipriani family oversee projects under the Cipriani brand name as well; currently they are developing Cipriani Residences in Miami’s Brickell neighborhood with Mast Capital as developer.
Tyko Capital has an established presence in South Florida real estate lending. Last summer it provided $565 million in refinancing for OKO Group and Cain International’s 830 Brickell office tower—a deal that was among South Florida’s largest refinancings (https://therealdeal.com/miami/2023/07/19/vlad-doronins-oko-group-cain-score-415m-refi-for-830-brickell-tower/). Tyko also lent $392 million earlier this year to Terra and Turnberry for their Miami Beach Convention Center hotel development (https://therealdeal.com/miami/2024/04/22/david-martins-terra-jackie-soffers-turnberry-score-392m-loan-for-miami-beach-hotel/).
The Mr. C West Palm Beach project is part of a broader trend of new luxury condo developments emerging around downtown West Palm Beach.
