Mast Capital And Starwood Capital Group Secure $390M Loan For Perigon Miami Beach Project

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.