Mast Capital, one of the state’s most active real estate development and investment firms, in partnership with Chicago-based private equity group BLG Capital Advisors, announces it has secured financing and broken ground on an upscale residential rental community presently known as Hancock Bridge Square in Fort Myers, Florida.
The firm, which acquired the site totaling 14.5 acres of land in 2022, has secured $65 million in construction financing from lender Centerbridge Partners, which served as agent for MassMutual Life Insurance Company, and JLL Capital Markets represented the joint venture in securing the loan.
“Given the region’s rapidly growing population and strong demand for rental housing, Mast Capital saw an opportunity to invest in the Fort Myers market and fill a void for new and highly amenitized multifamily rental product,” said Camilo Miguel, Jr., CEO and Founder of Mast Capital. “We are confident that our residential community Hancock Bridge Square will serve as a catalyst for future developments in the area given its close proximity to local employers, surrounding shopping and dining, and ideal location minutes away from Downtown Fort Myers.”
In recent years, the Fort Myers multifamily market has experienced exponential rental rate growth, obtaining amongst the highest rent growth of any major city in Florida. Additionally, Fort Myers is home to over 21 million square feet of office space and more than 360,000 employees. The development site is situated near Lee Memorial Hospital, which is one of the top employers in Southwest Florida, and minutes away from destinations such as Downtown Fort Myers and Midtown, providing easy access to major employment hubs and lifestyle centers with ample shopping, dining and entertainment options located within the surrounding community. Downtown Fort Myers is both pedestrian and pet friendly and bustles with arts, culture, an array of sidewalk cafes and eateries, shops and boutiques, and plenty of entertainment.
Mast Capital has emerged as one of Florida’s most active real estate development and investment firms today, with a diverse portfolio of residential, hospitality, and commercial properties throughout the State. The firm continues to expand its portfolio, with acquisitions representing over $3.5 billion in total project capitalization. These investments include new ground up development of over 4,000 residential units in South Florida, as well as the Fort Myers and Tampa metro areas.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Chris Drew, Managing Director Brian Gaswirth, Managing Director Jesse Wright and Associate Paul Adams.
“There is ample debt liquidity available for high-quality developments and best-in-class sponsors, such as Mast Capital,” remarked Chris Drew. “Given the shrinking number of multifamily construction starts, projects that are able to break ground in 2024 will be positioned into a market with strong supply/demand dynamics, and the sponsors here are poised to take advantage of significant market rent growth,” added Brian Gaswirth.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
