Mast Capital and its joint venture partner AEW Capital Management scored a $59.7 million construction loan for Miami River Walk, a rental project.

The developer secured approval from the Miami Urban Development Review Board a year ago for the688-unit apartment complex planned for a 6.3-acre site at 1001 Northwest Seventh Street. It’s the largest ground-up development for Mast Capital to date, according to a release.

PNC Bank is the lender for Miami River Walk, which will be built in two phases. The first phase calls for346 residential units.

The project will have more than 20,000 square feet of amenity space, including health and wellness facilities and shared office space, 1,100 feet along the Miami River, and public pathways to the riverfront. It’s being designed by Corwil Architects.

Mast Capital is ramping up its apartment development. The firm, led by CEO Camilo Miguel Jr., was recently approved to build a 20-story, 254-unit apartment building at 3811 Shipping Avenue in Miami, near Coral Gables.

The Miami River project will be geared toward people working in the nearby Health District, according to the release.

A number of other developers have projects planned or underway along the river, including Andy Hellinger’s River Landing Shops & Residences, the Adler Group’s Miami Riverside Center and the Chetrit Group.

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