Mast Capital JV Breaks Ground on Luxury Miami Project
A $64 million construction loan was secured for the community in November of last year.
Mast Capital and Rockpoint have begun construction on a 178-unit luxury community in Miami Beach, Fla. Nine stories tall, the development is anticipated to deliver in the fall of 2024. Construction began in February.
Last November, the partnership landed $64 million in construction financing for the project from PNC Bank. Situated at 3900 Alton Rd., the community will include studio, one-, two- and three-bedroom units, which will range from 560 square feet to 1,410 square feet.
In-unit amenities are set to include wrap-around balconies with glass railings and porcelain flooring. The community, designed by Arquitectonica, will feature a pool deck, outdoor game area, fitness and yoga studio, co-working area, lounge, grilling area and pet-washing station.
Residents will be near retail, dining and entertainment options, including a popular nightlife scene in Miami Beach ‘s City Center and South Beach neighborhoods. The Miami Beach Ocean Walk and the beach are easily accessible.
Rental rates in the Miami multifamily market have seen a steady increase since 2020 as of the fourth quarter of 2022, according to a Matthews Real Estate Investment Services report, demonstrating strong demand for the area.
Continued investment in Miami
The 3900 Alton Rd. development is not the first time Mast Capital and Rockpoint have partnered together for a Miami project. In 2021 the companies acquired a 2.8-acre site for a 2.6-million-square-foot luxury condominium development. The tower will feature some 850 units.
More recently, Rockpoint broke ground on another mixed-use luxury tower in Miami’s Wynwood neighborhood. Set to deliver in the third quarter of 2024, the project includes two 12-story buildings with 304 rental units along with office and retail space.