Little Palm Island Resort

Little Torch Key

Property Characteristics

  • Iconic, 30-key luxury resort on stand-alone island in Florida Keys
  • 4.1 acre site accessible by boat with oceanfront dining, spa, fitness center, dive shop, pool, and pool bar

Investment Opportunity

  • Resort was redeveloped with approximately $45 million spent and completion in early 2020
  • In-place CMBS loan on resort matured in May 2020 and went into maturity default as a result of COVID
  • Since re-opening in Summer 2020, property exhibited strong performance with RevPAR and NOI significantly up versus prior levels
  • Opportunity to generate attractive yield on an iconic, luxury resort in a high-barrier-to-entry market with one of the top RevPARs in the United States

Execution

  • Mast partnered with an established real estate equity investment and lending family office platform to provide a $30.5 million first mortgage loan on the property
  • Loan was originated December 2020

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