Mast Capital and Rockpoint secured $64.3 million in construction financing from PNC Bank to build a Miami Beach rental property, property records show. Located at 3900 Alton Road, the development sits between the Julia Tuttle Causeway, which connects Miami Beach and Miami, and a ramp to the highway.

The nine-story building will feature 178 multifamily units, ranging from 575 square feet to 1,440 square feet.

Construction is slated to start early next year with delivery expected by the fall of 2024, said a spokesman for Miami-based Mast Capital. A representative for Rockpoint, which is based in Boston, declined to comment. The joint venture paid $18.2 million last year for the 2.3-acre site, per records. Mast Capital had first planned to build a 25-story residential tower, according to RE: MiamiBeach.

The development is the latest residential project on the island for both companies. Across Miami Beach along the ocean, Mast Capital is developing a luxury condo complex with 82 units, designed by Rem Koolhaas’ OMA architectural firm, with Starwood Capital Group. Further north in Bal Harbour, Rockpoint, in partnership with Related Group and Two Roads Development, is redeveloping the oceanfront Carlton Terrace condominium building.