A year after Mast Capital and its partners scooped up a former YMCA property in Palm Beach County, the developers scored a $42.5 million construction loan to build a multifamily project on the site.
Mast, along with Rockpoint and The Spear Group, started building the 264-unit garden-style complex at 2085 South Congress Avenue in Palm Springs, according to the developers’ news release.
Santander Bank, a subsidiary of Spain’s Santander Group, provided the financing.
Palm Springs Residences will consist of 11 three-story buildings. MSA Architects designed the development.
Mast, Rockpoint and Spear bought the 18-acre development site last April for $10 million from YMCA of the Palm Beaches.
The nonprofit YMCA, in partnership with Palm Beach County, plans to open a new community center at Lake Lytal Park, about three miles north of the YMCA’s former Palm Springs facility.
This isn’t the first partnership for Mast and Rockpoint. In Miami’s Brickell neighborhood, Rockpoint is an equity partner on Mast’s planned pair of apartment towers at 1420 South Miami Avenue that are expected to have a combined 850 units. On the same development site, Mast also plans an 80-story condominium that will be branded by Cipriani.
Last year, Rockpoint reaped a bonanza selling two properties in Brickell at the height of the market. The Boston-based firm sold the 200,000-square-foot Shops at Mary Brickell Village for $216 million, and the 28-story 1221 Brickell office tower for $286.5 million.
Rockpoint is led by Keith Gelb. Coconut Grove-based Mast is led by Camilo Miguel Jr.
The Spear Group is a family owned and run real estate investment, development and management firm, according to its website. Founded in 1966 in Boston, Spear is now based in Fort Lauderdale. Jeff, David and Daniel Spear are company principals.
Palm Springs is a village of fewer than 27,000 residents west of Lake Worth Beach.