JV Secures $60M Loan for Miami Project
- Jan 29, 2019
A joint venture between Mast Capital and AEW Capital Management has secured a $59.7 million construction loan from PNC Bank for its Miami River Walk project in Miami. Mast Capital purchased the 6.3-acre site last year for $26 million with the intention to transform it in its largest ground-up project to-date.
Located at 1001 NW Seventh St. on the south bank of the Miami River, Miami River Walk will be less than 2 miles from downtown. Situated in an urban transit zone, the development will also be close to several public transportation systems. The first phase of the project includes the construction of 346 units and is expected to break ground early this year. Upon completion, the project is set to encompass 688 apartments, 1,100 linear feet of riverfront improvements and roughly 1 acre of green space. Designer Corwil Architects also included more than 20,000 square feet of amenity space across both phases.
“The Miami Health District is the second largest medical district in the country and has been underserved with quality, well amenities housing. The Miami River Walk will present a convenient live, work, play choice for the thousands of local health professionals working in the area,” said Mast Capital CEO Camilo Miguel Jr., in a prepared statement.
The Miami River Walk project includes 27 percent fewer units than allowed under the Miami 21 zoning code. The development is slated to incorporate sustainability practices and feature public pathways.
Images courtesy of Mast Capital