Mast, Starwood Secure $400 Million Construction Loan for Perigon on Miami Beach

The Perigon Miami Beach, a joint venture between Mast Capital and Starwood Capital Group, recently secured $390 million in construction financing. This loan, provided by Eldridge Real Estate Credit, is one of the largest construction loans in Miami Beach over the past year. The funding highlights the project’s exceptional design, market demand, and its role as a landmark in ultra-luxury living.

Vision and Market Momentum

“The successful closing of this landmark construction loan underscores the extraordinary momentum of The Perigon and the overwhelming market response it has garnered. We took great pride in bringing together a world-class team of architects, designers, and culinary visionaries to shape The Perigon Miami Beach into an iconic condominium that resonates with discerning buyers, drawn to its unparalleled beachfront setting and timeless sophistication,” said Camilo Miguel, Jr., Founder and CEO of Mast Capital. “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.”

Design and Architectural Excellence

Designed by the globally renowned architectural firm OMA, led by Rem Koolhaas, The Perigon features a diamond-shaped structure that redefines Miami Beach’s skyline. The development includes 73 two- to four-bedroom residences, ranging from 2,100 to 6,700 square feet, with prices starting at over $10 million. Each residence boasts interiors by Tara Bernerd, 10-foot ceilings, and wraparound balconies offering breathtaking water views.

Location and Exclusivity

Situated at 5333 Collins Avenue in Mid-Beach, The Perigon offers a tranquil beachfront setting between Indian Creek and the Atlantic Ocean. The property emphasizes privacy and exclusivity, with expansive beachfront acreage creating a serene environment for residents.

Unmatched Amenities

The Perigon’s 40,000 square feet of indoor and outdoor amenities are meticulously curated for a luxurious lifestyle. Key features include:

• A private oceanfront restaurant and speakeasy led by Michelin-starred chef Shaun Hergatt.
• An oceanfront pool with cabanas, a spa, a salon, and a fitness center with panoramic ocean views.
• Unique spaces such as a screening room, wine room, children’s playroom, and guest suites.

Residents also benefit from premium services like a lifestyle concierge, residential butler, 24-hour security, valet, and beach service, ensuring an unparalleled living experience.

Anticipated Completion

Construction for The Perigon began in April 2024, with Moss Construction as the general contractor. The project is expected to be completed by 2027, solidifying its position as a benchmark for ultra-luxury developments in Miami Beach.