Updated Jan 17, 2025
Mast Capital And Starwood Capital Group Secure $390M Loan For Perigon Miami Beach Project
5333 Collins Avenue
$390,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Jan 17, 2025
About this deal
AI
The asset involved is the ultra-luxe condominium Perigon Miami Beach, located at 5333 Collins Avenue in Miami Beach. This multifamily development features 73 residences with prices starting at $10 million, designed with transformative elements by OMA and equipped with world-class amenities. The project has secured a construction loan amounting to $390 million.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $390,000,000
- Lender: Matthew Rosenfeld - Eldridge Real Estate Credit
- Landlord: Camilo Miguel, Jr. - Mast Capital
- Landlord: Barry Sternlicht - Starwood Capital Group
- Market: Miami Beach
- Loan Type: Construction
- Delivery Date: 2027
- Units Sold: Over 75%
The transaction highlights a joint venture between Mast Capital and Starwood Capital Group, showcasing their collaboration in securing significant financing for this high-profile development. Eldridge Real Estate Credit played a crucial role as the lender in this transaction, which represents one of the largest loans closed in Miami Beach over the past year.
On the Map
$390,000,000
MultiFamily
View full map
Players
Miami Beach MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.04%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93