Mast Capital, together with Rockpoint, recently celebrated the topping off of their nine-story residential project at 3900 Alton Road in Miami Beach. Designed by Arquitectonica with landscape architecture by Within Hults + Partners, this development introduces 178 upscale rental units to the Miami Beach housing market. The project, which obtained a $64 million construction loan from PNC Bank in November 2022, is expected to welcome its first residents by Fall 2024.
Camilo Miguel Jr., CEO and Founder of Mast Capital, emphasizes the project’s significance in Miami Beach, a location with limited land for development. He notes that unlike most new developments in the area, which are for-sale products, this project focuses on fulfilling the demand for luxury rental housing.
The development offers a variety of studio to three-bedroom apartments, featuring high-end finishes like Italian cabinetry, porcelain flooring, and floor-to-ceiling glazing. Residents will enjoy amenities such as an elevated pool deck with bay views, a BBQ area, fitness and yoga studios, a resident lounge, co-working spaces, and a pet washing station.
Dan Domb, Managing Member at Rockpoint, remarks on the nearing completion of the project, highlighting the strong demand for premium rental units in the Miami Beach submarket. This development aligns with Rockpoint’s investment strategy in the limited-supply South Florida housing market.
Mast Capital’s expanding influence in Florida's real estate sector is evident in its diverse portfolio, which includes residential and commercial properties across the region. The firm’s growth encompasses over $3.5 billion in total project capitalization and the development of over 4,000 residential units in South Florida’s Fort Myers and Tampa metro areas.
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