Mast Capital spent $17.1 million to acquire nearly two acres in the mid-Beach section of Miami Beach and secured $11.1 million in financing for the purchase, Miami-Dade County records show.
The Camilo Miguel-led company bought the 4000 Alton Road site from nonprofit Talmudic College 4000 Alton Road Inc. in a transaction recorded on Monday. Mast plans to develop a luxury residential project on the site, which has existing approvals for 162,000 square feet of residential space.
Mast received the mortgage from Goldman Sachs Bank USA, according to county records.
Mid-Beach is experiencing significant development and investment activity. Notable projects include the mixed-use Faena Miami Beach, Ian Schrager’s Residences at the Miami Beach EDITION and Lionheart Capital’s Ritz-Carlton Residences, Miami Beach. — Eric Kalis