Mast Capital Secures $42.5M Construction Loan For Palm Springs Multifamily Development

Miami-based real estate investment firm Mast Capital has secured a $42.5 million construction loan from Santander Bank for a multifamily development project in Palm Springs, Florida. The project, located at 2085 S. Congress Ave., will span across 18 acres and consist of 264 upscale, garden-style apartments spread across 11 residential buildings. The development will offer various lifestyle-driven amenities, including a fitness lawn, outdoor swimming pool, tot lot, dog park, lake trail, electric vehicle charging stations, and a clubhouse featuring a high-end club room, fitness studio, co-working space, game room, and smart parcel lockers.

Summary of transaction details

• Property Type: Development Site
• Loan Amount: $42,500,000
• Address: 2085 S. Congress Ave
• Market: Palm Springs
• Asset Type: Multifamily
• Acres: 18

Mast Capital, led by Camilo Miguel Jr, partnered with The Spear Group and Rockpoint for this development. Santander Bank provided the construction loan for the project's financing, enabling the realization of this exciting multifamily development in Palm Springs, Florida.