Mast Capital Secures $71M Construction Loan for Miami River Project
By Chava Gourarie January 11, 2022 3:13 pmreprints
Mast Capital and AEW Capital Management have secured financing for the second phase of a 700-unit housing development in Miami’s Little Havana neighborhood, according to property records.
Wells Fargo (WFC) provided the partners with a $70.5 million mortgage for the project, named Waterline because it fronts the Miami River.
Mast Capital and AEW purchased the 6.3-acre development site in 2018 and completed the first 345-unit phase in 2020. Monthly rents at the eight-story building located at 1001 NW 7th Street begin at $1,900, according to Apartments.com.
Construction of the first phase was financed by a $60 million loan from PNC Bank, Commercial Observer reported at the time.
Development along the Miami River has accelerated over the last several years, as developers search for value farther inland from the glitzier neighborhoods along Biscayne Bay. The projects — including Waterline, 555 River House next door at 603 NW S River Drive and the Residences at Riverwalk across the street — abut the city’s long-awaited Miami Riverwalk.
Mast Capital is not only focused on the Miami River. The development firm just snagged a $63 million construction loan for the first tower in a three-tower project in the heart of Brickell.
Mast Capital declined to comment.
Chava Gourarie can be reached at email@example.com.