May 1, 2023
Mast Capital JV Breaks Ground on Palm Springs Community
MHN
Mast Capital, The Spear Group and Rockpoint have broken ground on a 264-unit multifamily community in Palm Springs, Fla. In November 2022,Santander Bank provided $42.5 million in construction financing for the development.
Designed by MSA Architects, the garden-style community will rise on the former 18-acre site of the YMCA of the Palm Beaches. Upon completion, the property will encompass 11 buildings with one-, two- and three-bedroom floorplans. Dallas-based HPA Design Group is providing the project’s interior design services.
The development is located in the West Palm Beach–Boca Raton market, at 2085 S. Congress Ave. The site is near Route 882 and Interstate 95, which provide direct access to downtown Miami. Several dining options, retail centers, green spaces and entertainment venues are within walking distance of the development. Palm Beach State College, HCA Florida JFK Hospital, Palm Beach County Park/Lantana Airport and John Prince Park are within a 5-mile radius of the site.
Mast Capital’s Founder & CEO Camilo Miguel Jr. said in prepared remarks that the Palm Beach County is one of the most sough-after residential markets in Florida. The state’s population growth accelerated during the pandemic and continues to rise.
Rockpoint and Mast Capital are working together on another multifamily development, as the partners have also begun construction on a 178-unit luxury community in Miami Beach, Fla.