David Martin’s Terra and the Morrison family’s Sympatico Real Estate secured a $285 million construction loan for their planned Mr. C Hotel & Residences West Palm Beach.
Tyko Capital, a New York-based real estate firm backed by Elliott Investment Management, is the lender. The developers launched sales of the waterfront project about two years ago. The 27-story building, with 110 hotel keys and 146 branded condos that owners can rent through the hotel program, will be built at 320 Lakeview Avenue.
Miami-based Aztec Group represented the developers in the financing.
The project is part of a wave of new luxury condo projects planned in and near downtown West Palm Beach.
The development is 70 percent presold, according to a press release. Douglas Elliman is leading sales. The condos will range from one to four bedrooms, and from 830 square feet to 2,200 square feet.
The project, designed by Arquitectonica with interiors by Meyer Davis, will include a pool deck, spa, fitness center, business lounge and more amenities. Mr. C will manage the property, including a Bellini Café, a Bellini Restaurant, and a Bellini rooftop lounge.
The developers just broke ground on the building, according to the release. It’s expected to be completed in 2027.
It will mark the second Mr. C-branded residential project in South Florida. Terra completed the two-tower Mr. C Residences in Miami’s Coconut Grove last year. The Cipriani family’s Ignazio and Maggio Cipriani run the Mr. C brand, and they also have properties in New York, Dubai and Beverly Hills. Other members of the family manage the Cipriani brand, which also has the Cipriani Residences under construction in Miami’s Brickell. Mast Capital is the developer of that project.
Tyko, a joint venture between debt broker Adi Chugh and billionaire hedge funder Paul Singer’s Elliott Investment Management, has been active in South Florida. Last summer, Vlad Doronin’s OKO Group and Cain International secured a $565 million refinancing from Tyco of the loan backing the 830 Brickell office tower in Miami. The deal marked one of South Florida’s biggest refinancings ever.
Terra also has a relationship with Tyko. In April, Terra and Jackie Soffer’s Turnberry secured a $392 million construction loan from Tyko for their Miami Beach Convention Center hotel development.
Read more
How Adi Chugh went from broker to bankroller
Development
South Florida
Terra, Morrison family plan first Mr. C condo-hotel in downtown West Palm Beach
Development
South Florida
Map: West Palm Beach’s residential development pipeline
