Mast Capital, developers of the 397-unit Cipriani Residences Miami, have raised $600 million from lenders including Carlos Slim’s Banco Inbursa.

The construction loan, one of the largest in the state’s history, is also being provided by Ascendant Capital Partners to finance the 80-story tower, according to a statement from Mast.

While borrowing costs and a pullback from banks have hindered real estate development across the country, lenders still seemingly have an appetite for Miami’s over-the-top luxury projects. The building, which will feature $40-million penthouses, is the first residential tower built from the ground up with the buzzy Cipriani name. 

“We got financing because of the sheer scale of this property,” said Mast Chief Executive Officer Camilo Miguel. “It’s a parcel that’s in the highest zoning that exists in Miami.” 

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Mast Capital purchased the land, one of the few remaining empty lots in Miami’s central Brickell neighborhood, for $108 million in December 2021. The building is slated to be completed in 2028.

Banco Inbursa has sunk almost half a billion dollars into Miami condo projects this week alone. In addition to the $350 million it’s providing to the Cipriani project, they’re also lending $95 million to the Miami World Center in the downtown area.

Slim, 84, is Latin America’s richest person with a $100.5 billion fortune, according to the Bloomberg Billionaires Index, largely through telecommunications giant America Movil SAB de CV.