The Perigon Miami Beach Secures $390M Financing as Construction Advances

Credit: The Perigon Miami Beach.

Following the commencement of construction this past spring, The Perigon Miami Beach, a joint venture between Mast Capital and an affiliate of Starwood Capital Group, has announced the successful closing of $390 million in construction financing. This significant milestone marks a pivotal step forward in delivering what is set to become an architectural landmark and a symbol of refined living on at 5333 Collins Avenue on Miami Beach’s prestigious Mid-Beach coastline. General contractor Moss Construction broke ground on the ultra-luxury condominium in April 2024, with completion anticipated by 2027.

Credit: The Perigon Miami Beach.

“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.

Credit: The Perigon Miami Beach.

Designed by internationally renowned architectural firm OMA, led by visionary architect Rem Koolhaas, The Perigon marks the firm’s first residential project in Miami Beach. Rising along a tranquil stretch of sand between Indian Creek and the Atlantic Ocean, the diamond-shaped tower will house 73 two- to four-bedroom residences ranging from 2,100 to 6,700 square feet. Prices for the units begin at just over $10 million, with over 75% of residences already sold. Each home, designed by Tara Bernerd, features 10-foot ceilings, 10- to 12-foot-deep wraparound balconies, and sweeping views of the ocean and bay. Eight private guest suites are also available for residents and their visitors.

Credit: The Perigon Miami Beach.

“We are proud to partner with Mast Capital and Starwood Capital Group on The Perigon Miami Beach, a development that sets a new standard for ultra-luxury residences in Miami. This is a project that represents the exceptional, visionary real estate we seek to finance, and further underscores the continued growth and momentum of our business,” added Matthew Rosenfeld, Managing Director, Eldridge Real Estate Credit.

Credit: The Perigon Miami Beach.

Residents will enjoy access to approximately 40,000 square feet of thoughtfully curated amenities. Highlights include a private oceanfront restaurant and speakeasy helmed by Michelin-starred chef Shaun Hergatt, a serene spa with sauna and treatment rooms, a double-height fitness center with panoramic views, and an oceanfront pool with cabanas and poolside service. Additional features include a wine room, screening room, private salon, children’s playroom, and exclusive beach and pool services. A dedicated concierge and butler team will provide 24-hour service, ensuring a seamless luxury experience for residents.

Douglas Elliman Development Marketing is exclusively managing sales and marketing for the project.

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