Mast Capital, Rockpoint score $70M loan for Key West apartments

Miami /
Oct.October 17, 2016 01:30 PM

A joint venture between Mast Capital and Rockpoint Group closed a $70 million loan for a large apartment complex in the Florida Keys. 

The financing is for Ocean Walk, a 296-unit community in Key West that was recently renovated, Mitch Sinberg, senior managing director at Berkadia, told The Real Deal.

Sinberg said the loan was used to retire existing debt – roughly $50 million that was used to buy the complex – and allows the owners to add up to 80 new units to Ocean Walk. The adjustable rate loan has an interest rate in the 2 percent range, he said. Sinberg, senior director Brad Williamson and associate director Matt Robbins arranged the financing.

Property records show the joint venture paid $75.35 million for the four-building complex in 2014. Ocean Walk, at 3900 South Roosevelt Boulevard, was built in 1989. It’s one of the few institutional-sized rental properties in the Keys, a top tourism destination for Florida.

“They’ve renovated an extensive amount of units and performed capital improvements to the common areas and clubhouse,” Sinberg told TRD. “The property value has gone up tremendously.”

Miami Beach-based Mast Capital and Boston-based Rockpoint renovated the units, including new cabinets and finishes, and added stainless steel appliances and plank flooring, according to a press release. Amenities include a swimming pool, basketball court, tennis court and a jogging trail.

Rents at Ocean Walk range from $1,775 for a 500-square-foot one-bedroom to $2,825 for a 1,048-square-foot three-bedroom, according to the property’s website.


Related Articles

arrow_forward_ios
86800 Overseas Highway, Islamorada (Google Maps, iStock)
Islamorada closes administrative building due to Covid-19
Islamorada closes administrative building due to Covid-19
Camilo Miguel Jr. of Mast and 1140 Southeast 24th Road, Homestead (Mast Capital)
Mast Capital spends $51M on Homestead townhomes
Mast Capital spends $51M on Homestead townhomes
Curtis Skomp and Anthony Askowitz with 98800 Overseas Highway, Key Largo and 410 Caroline Street, Key West (RE/MAX)
RE/MAX Advance Realty acquires Florida Keys brokerage
RE/MAX Advance Realty acquires Florida Keys brokerage
Camilo Miguel Jr. and rendering of 4000 Alton Road
Mast Capital scores approval for Miami Beach condo project
Mast Capital scores approval for Miami Beach condo project
Developer Camilo Miguel Jr. and renderings of the project
Mast Capital wins initial approval for shorter Mid-Miami Beach condo project
Mast Capital wins initial approval for shorter Mid-Miami Beach condo project
Victor Ballestas and Wrecker’s Cay
Integra scores approval for waterfront workforce housing project in Florida Keys
Integra scores approval for waterfront workforce housing project in Florida Keys
Camilo Miguel Jr. with the site and rendering for the project
Miami Beach board rejects Mast Capital’s plan to build 12-story tower
Miami Beach board rejects Mast Capital’s plan to build 12-story tower
South Florida rents are starting to fall (Credit: iStock)
South Florida rents starting to fall, especially in Coral Gables
South Florida rents starting to fall, especially in Coral Gables
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...