Mast Capital and Starwood Capital Group are kicking off the new year by securing major construction financing for The Perigon Miami Beach, the joint venture’s new luxury condominium in South Florida.
The $390 million loan was provided by Eldridge Real Estate Credit and comes after construction at The Perigon, located at 5333 Collins Ave. in Miami Beach’s Mid-Beach neighborhood, began in April last year. Construction is led by Boston-based Moss Construction, with sales being handled exclusively by Douglas Elliman Development Marketing. The 73-unit condominium is expected to be complete in 2027.
Prices start at just over $10 million. More than 75% of the tower's units have been sold, according to a statement from the joint venture.
“The robust interest from the lending market further validates the strength of our sponsorship and cements The Perigon’s position as a defining statement in ultra-luxury living,” said Camilo Miguel Jr., Mast Capital's chief executive, in the statement.
The loan is one of the latest in a series of major construction deals for projects in South Florida as developers pursue increasingly more expensive, high-end luxury projects. Last year, Mast Capital secured a $600 million construction loan — for a short while the largest construction loan in Florida development history — for the group’s Cipriani Residences in downtown Miami’s Brickell area.
The Perigon Miami Beach, a 17-story tower designed by OMA, "represents the exceptional, visionary real estate we seek to finance,” said Matthew Rosenfeld, managing director of Eldridge Real Estate Credit, in the statement.
The luxury condos will have 73 two-to-four-bedroom residences with beachfront views. Interior design is being led by Tara Bernard, and units have 10-foot ceilings and wraparound balconies.
The tower will have 40,000 square feet of indoor and outdoor amenities, including a private oceanfront restaurant and speakeasy led by Michelin-starred chef Shaun Hergatt, who will oversee The Perigon’s food and beverage offerings. An oceanfront swimming pool, spa, private salon, fitness center, children’s playroom, screening room, wine room, guest suites and a striking double-height lobby lounge are also planned.