David Martin’s Terra and the Morrison family’s Sympatico Real Estate have secured a $285 million construction loan for their planned Mr. C Hotel & Residences West Palm Beach project. The lender is Tyko Capital, a New York-based real estate firm backed by Elliott Investment Management.
The developers began sales of the waterfront development about two years ago. The 27-story building will be located at 320 Lakeview Avenue and will include 110 hotel keys and 146 branded condos that owners can rent through the hotel program.
Aztec Group, based in Miami, represented the developers in securing this financing. The Mr. C West Palm Beach project joins several other new luxury condo projects being developed in and near downtown West Palm Beach.
According to a press release, the development is already 70 percent presold. Douglas Elliman is handling sales for the property, which offers condos ranging from one to four bedrooms and from 830 square feet to 2,200 square feet.
Arquitectonica designed the project, with interiors by Meyer Davis. Planned amenities include a pool deck, spa, fitness center, business lounge, as well as food and beverage options managed by Mr. C such as Bellini Café, Bellini Restaurant, and a Bellini rooftop lounge.
Construction on the building has recently begun and completion is expected in 2027.
This will be the second Mr. C-branded residential project in South Florida; Terra previously completed Mr. C Residences in Miami’s Coconut Grove last year. The Mr. C brand is operated by Ignazio and Maggio Cipriani of the Cipriani family, who also have properties in New York, Dubai, and Beverly Hills. Other members of the Cipriani family manage properties under the Cipriani brand name, including Cipriani Residences currently under construction in Miami’s Brickell neighborhood with Mast Capital as developer.
Tyko Capital was formed as a joint venture between debt broker Adi Chugh and billionaire hedge fund manager Paul Singer’s Elliott Investment Management. The firm has been active in South Florida lending; last summer it provided $565 million to refinance Vlad Doronin’s OKO Group and Cain International’s loan backing the 830 Brickell office tower—a deal among South Florida’s largest refinancings.
Terra has worked with Tyko before: In April, Terra partnered with Jackie Soffer’s Turnberry to secure a $392 million construction loan from Tyko for their Miami Beach Convention Center hotel development.
