Mast capital and AEW Capital Management have secured funding for the second phase of a 700-unit development in Miami’s Little Havana neighborhood, according to property records.
Wells fargo granted the partners a mortgage of $ 70.5 million for the project, named Waterline because he faces the Miami River.
Mast Capital and AEW purchased the 6.3-acre development site in 2018 and completed the first phase of 345 units in 2020. Monthly rents for the eight-story building located at 1001 NW 7th Street from $ 1,900, depending on Apartments.com.
The construction of the first phase was financed by a $ 60 million next to PNC Bank, reported the Trade Observer at the time.
Development along the Miami River accelerated in recent years, as developers seek more value inland from the more glitzy neighborhoods along Biscayne Bay. The projects – including Waterline, 555 River House next to 603 NW S River Drive and the Residences in Riverwalk on the other side of the street – adjoin the city’s long-awaited Miami Riverwalk.
Mast Capital doesn’t just focus on the Miami River. The development company just got hooked a $ 63 million construction loan for the first tower of a three-tower project in the heart of Brickell.
Mast Capital declined to comment.
Chava Gourarie can be reached at [email protected].