Mast Capital

Mast Capital has added to its rapidly expanding portfolio of South Florida properties with a 1.87-acre property at 4000 Alton Rd. in mid-Miami Beach. The transaction closed on Oct. 3, but no purchase price was disclosed.

Mast Capital is a value-oriented real estate investment company seeking to invest across the capital structure in real estate debt, equity and securities. The site has existing approvals for the development of approximately 162,000 sq. ft. of floor area ratio (FAR). Camilo Miguel, Jr., CEO of Miami-based Mast Capital, said he intends to develop a luxury residential project on the site.

“The Miami Beach for-sale residential market is driven by a mix of international and domestic buyers who are attracted to the area’s lifestyle, culture, and business-friendly investment climate,” said Miguel. “Extensive recent investment in mid-Miami Beach has made this area one of the most desirable places to live on the island. A shortage of developable land and high barriers to entry limit the potential for future supply, and the near-term completion of the Faena district, Marriott Edition and Ritz Carlton Residences will further increase the area’s appeal.”

The firm specializes in identifying well-located properties in high-barrier-to-entry markets, and has acquired a number of prime properties recently. Between April and June, Mast Capital acquired a bayfront nine-story office building located at 2699 South Bayshore Drive, in Coconut Grove for $29.5 million with Miami-based 13th Floor Investments and Greenwich, Conn.-based Wexford Capital, and, in a joint venture with the Rockpoint Group, the company bought West Isles Club, a 192-unit multi-housing community in Key West, Flori., for $39.5 million or $205,700 per unit.

For more information about Mast Capital, visit http://mastcapital.com.