Mast Capital to Develop Multifamily Complex Over a YMCA in South Florida
By Julia Echikson April 18, 2022 7:01 pm
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A Mast Capital-led joint venture will replace a YMCA with a multifamily community in Palm Beach County, Fla.
The joint venture, which includes The Spear Group and Rockpoint, will develop 264 garden-style apartments across 11, three-story residential buildings in Palm Springs.
Construction is slated to commence in July, according to a spokesperson for the joint venture, who declined to say when the work is slated to end, whether the companies had secured construction financing and how they paid for the lot.
The YMCA of the Palm Beaches, located at 2085 S Congress Avenue, sits on 18 acres of land. The organization has owned the lot since 1968 when it paid $95,000 to purchase it, according to property records.
The community center will relocate to Lake Lytal Park, approximately 2 miles away from the current facility.
We “saw an opportunity to invest in Palm Springs in response to the region’s growth and heightened demand for rental housing,” Camilo Miguel Jr., CEO and founder of Mast Capital, said in a statement.
Earlier this year, the Miami-based developer sold a residential complex along the Miami River to social media personality Grant Cardone. After securing a $70 million construction loan, it’s developing the second phase of the project with AEW Capital Management.
On the high end, Mast Capital is developing a Cipriani-branded condominium in Brickell.
Rockpoint is a national investor based in Boston, with a portfolio worth approximately $72 billion, according to the company. In Bal Harbour, it’s buying an oceanfront condominium with plans to redevelop the property in partnership with the Related Group and Two Roads Development.
The Spear Group, which specializes in the development of residential properties, has offices in South Florida and Massachusetts, where the vast majority of its investments are located.
Julia Echikson can be reached at jechikson@commercialobserver.com.
