Iconic, 30-key luxury resort on stand-alone island in Florida Keys
4.1 acre site accessible by boat with oceanfront dining, spa, fitness center, dive shop, pool, and pool bar
Investment Opportunity
Resort was redeveloped with approximately $45 million spent and completion in early 2020
In-place CMBS loan on resort matured in May 2020 and went into maturity default as a result of COVID
Since re-opening in Summer 2020, property exhibited strong performance with RevPAR and NOI significantly up versus prior levels
Opportunity to generate attractive yield on an iconic, luxury resort in a high-barrier-to-entry market with one of the top RevPARs in the United States
Execution
Mast partnered with an established real estate equity investment and lending family office platform to provide a $30.5 million first mortgage loan on the property