A joint venture between Mast Capital and Rockpoint Group has closed on a $70 million mortgage backed by the Ocean Walk apartments in Key West. The proceeds from the funding were used to retire existing debt, roughly $50 million of which was used to buy the complex, and allows the owners to add up to 80 new units to the property. Located at 3900 South Roosevelt Boulevard, the 296-unit community was purchased by the partnership for $73.35 million in 2014. Financing was arranged by Berkadia’s senior director Brad Williamson and associate director Matt Robbins.
