Mast Capital JV reels in $71M loan for Miami River multifamily development

Loan is for 342-unit second phase of Waterline Miami River apartment complex

Mast Capital CEO Camilo Miguel Jr. and a rendering of Waterline Miami River (Mast Capital)
Mast Capital CEO Camilo Miguel Jr. and a rendering of Waterline Miami River (Mast Capital)

A Mast Capital-led joint venture reeled in a $70.5 million loan to begin construction of a 342-unit apartment building on the Miami River.

An affiliate of the Coconut Grove-based developer and its Boston-based partner, AEW Capital Management, secured construction financing for the project from Wells Fargo, according to records.

The building will be the second phase of Waterline Miami River at 1001 Northwest 7th Street in Miami. The joint venture completed the first phase, an eight-story, 346-unit building, in 2020, records show.

Rising on 2.7 acres next to the first phase, the second building will have 400 feet of frontage along the Miami River, according to a press release. Second phase construction is set to commence this month, with an expected completion date in the first quarter of 2024. The entire 6.3-acre development site was previously called Miami River Walk.

Mast Capital, led by CEO Camilo Miguel Jr., financed construction of Waterline Miami River’s first phase with a $59.7 million loan from PNC Bank. The building, which is 98 percent leased, has studio, and one- to three-bedroom apartments, the release states. Monthly rents are between $1,946 and $4,483, according to

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The second phase will also include studios and one- to three-bedroom units, featuring European kitchens, modular European closets, washers and dryers, private large balconies, premium quartz countertops and stainless-steel appliances, the release states.

Amenities will include a fitness center, a 1-acre park, a dog park, a pet spa and washing station, and flex office spaces for residents working remotely.

Formed in 2006, Mast Capital has developed and purchased condominium and apartment buildings and hotels in the Florida Keys, Miami, Miami Beach, North Bay Village and Sunny Isles Beach, according to its website. Last month, the firm closed a $103 million deal for a 2.8-acre site in Brickell where it plans to build condos and two multifamily buildings.

Development plans are picking up on the Miami River. Last month, New York-based Stonecutter Capital Management paid $10.4 million for a Chase Bank building at 1400 Northwest 17th Avenue and a vacant lot at 1404 Northwest 17th Avenue. The 1.7-acre site is currently zoned for more than 240 units and an up to eight-story building.

Also last month, Miami-based firms MV Real Estate Holdings and Driftwood Capital announced they are partnering to develop a 1.5-acre property at 114 Southwest North River Drive into two 10-story buildings with a 165-room Dream Miami hotel. The site is currently home to the popular Wharf bar and event venue along the Miami River.

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