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.