MSD Partners, CanAm Lend $63M on Miami Residential Tower
By Andrew Coen January 7, 2022 12:09 pm
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Mast Capital has nabbed a $62.5 million debt package to spearhead the acquisition and pre-development of a Miami residential tower project, Commercial Observer can first report.
MSD Partners and CanAm Enterprises supplied the loan for Mast’s planned development at 1420 S Miami Avenue, located in Miami’s Brickell neighborhood.
“MSD is pleased to support the development of this exceptional residential project in Miami, partnering with Mast Capital, a best-in-class developer with extensive experience in the market,” said Adam Piekarski, who co-heads MSD’s real estate credit business with Jason Kollander.
The financing is collateralized by half of Mast’s $103 million acquisition of the entire 2.8-acre, full-block development site. The land was previously purchased by an affiliate of China Communications Construction Company in 2014 for $74.7 million, according to property records.
When completed, the project will include three towers with one featuring luxury condominium units and the other two allocated for rental apartments. All told, the development will comprise 400 condos, 850 rental units and 1,650 parking spaces.
Mast is partnering with Boston-based Rockpoint Group on the rental portion of the development.
Officials for Coconut Grove, Fla.-based Mast did not immediately return a request for comment.
Newmark’s Jordan Roeschlaub and Dustin Stolly arranged the financing alongside Nick Scribani, Chris Kramer, Daniel Matz and Dan Morin. (Matz joined Newmark last June in the brokerage firm’s new Miami office from Mission Capital Partners to help bolster the firm’s debt and structured finance team’s presence in the Southeast region.)
“The site is undoubtedly one of the last remaining development opportunities of comparable scale in all of Brickell,” Stolly said in a statement. The acquisition, he added, comes “at a critical point in time for South Florida real estate.”
He added that Newmark’s Miami office will also help serve as a “strategic vantage point” for its business across the entire Sun Belt.
“The Southeast, with business and tax-friendly markets like Nashville, Raleigh and Atlanta have become a magnet for the technology and crypto industries,” Matz said. “Many of our clients have figured this out, whether from New York or California. Now South Florida has raised that bar.”
Andrew Coen can be reached at acoen@commercialobserver.com.
