David Martin’s Terra and the Morrison family’s Sympatico Real Estate have secured a $285 million construction loan for their Mr. C Hotel & Residences West Palm Beach project. Tyko Capital, a New York-based real estate firm supported by Elliott Investment Management, is providing the financing.
The 27-story development at 320 Lakeview Avenue will feature 110 hotel rooms and 146 branded condominiums. Owners of the condos will be able to rent them through the hotel program. The developers began sales of the waterfront project about two years ago, with Douglas Elliman leading sales efforts. According to a press release, the development is currently 70 percent presold.
Aztec Group, based in Miami, represented the developers in securing this financing deal. The condos are expected to range from one to four bedrooms and vary in size from 830 square feet to 2,200 square feet.
Designed by Arquitectonica with interiors by Meyer Davis, amenities at Mr. C Hotel & Residences West Palm Beach will include a pool deck, spa, fitness center, business lounge, and other features. Mr. C will manage the property and its dining options: Bellini Café, Bellini Restaurant, and a Bellini rooftop lounge.
Construction has just started on the building and completion is anticipated for 2027.
This project represents the second Mr. C-branded residential development in South Florida; Terra previously completed Mr. C Residences in Miami’s Coconut Grove last year. The Cipriani family’s Ignazio and Maggio Cipriani operate the Mr. C brand internationally with properties in New York, Dubai, and Beverly Hills. Other Cipriani family members manage the Cipriani brand—including Cipriani Residences under construction in Miami’s Brickell district by Mast Capital.
Tyko Capital has been active recently in South Florida real estate lending. Last summer it provided a $565 million refinancing for OKO Group and Cain International’s 830 Brickell office tower in Miami—one of South Florida’s largest such deals to date.
Terra also maintains an ongoing relationship with Tyko; earlier this year Terra and Turnberry obtained a $392 million construction loan from Tyko for their Miami Beach Convention Center hotel project.
