The Miami River Walk apartment complex will soon break ground after co-developers Mast Capital andAEW Capital Management secured a $59.7 million construction loan for the project.

PNC Bank (NYSE: PNC) awarded the mortgage for the project on 6.3 acres along the Miami River at 1001N.W. Seventh St.

The developers plan to start construction on the 346-unit first phase soon. It was approved for 688apartments, 2,900 square feet of retail, and over 20,000 square feet of amenities for tenants. The eight-story project was designed by Corwil Architects.

The project will also allow the pedestrian path along the Miami River to be extended 1,100 linear feet.Residents will receive complimentary water shuttle service to nearby restaurants and attractions. The project is near the Health District, which is home to major employers such as Jackson Memorial Hospital and the University of Miami.

“Building community elevating projects is at the core of the Mast Capital development strategy,” saidCamilo Miguel Jr., CEO of Mast Capital. “The Miami River is the perfect example of this approach. Our residents will have easy access to topnotch dining, entertainment and views, all within proximity to their workplace and home.”

The developers acquired the property for $26 million in May 2018. While the site is currently vacant, it was home to the Miami News offices from 1957 to 1973, and later the Southeast Bank building.