MIAMI BEACH, FLA. — A joint venture between Mast Capital and a controlled affiliate of Starwood Capital Group has secured $390 million in construction financing for The Perigon Miami Beach, a 73-unit condominium development located at 5333 Collins Ave. in Miami Beach. Eldridge Real Estate Credit, a Greenwich, Conn.-based asset manager and holding company, provided the loan.
“We are proud to partner with Mast Capital and Starwood Capital Group on The Perigon Miami Beach,” said Matthew Rosenfeld, a managing director at Eldridge Real Estate Credit. “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.”
Located in the popular Mid-Beach neighborhood, The Perigon Miami Beach will offer two-, three- and four-bedroom residences ranging from 2,100 to 6,700 square feet, each featuring 10- to 12-foot wraparound balconies. The property will also offer eight private guest suites. Roughly 75 percent of the condos have been sold.
The building will offer approximately 40,000 square feet of indoor and outdoor amenities. Planned community amenities include a pool with cabanas, spa with sauna, salon, fitness center, children’s playroom, screening room, wine room and a lobby lounge. Residents will also have access to services such as 24-hour security, valet, pool and beach service, house car service and in-residence dining.
The property will also include an oceanfront restaurant and speakeasy by Michelin-starred chef Shaun Hergatt, who will oversee the development’s food-and-beverage offerings.
The project team broke ground on The Perigon Miami Beach in April 2024. Construction is slated to complete in 2027. Fort Lauderdale, Fla.-based Moss Construction is the general contractor. OMA, led by architect Rem-Koolhaas, designed the building, and Tara Bernerd is the interior designer. Douglas Elliman Development Marketing is handling sales and marketing.
Mast Capital is a locally based development and investment firm that maintains residential, hospitality and commercial properties throughout Florida. The firm’s portfolio consists of roughly $4 billion in total project capitalization.
Headquartered in Miami Beach, Starwood Capital Group is a private investment firm with a focus on global real estate. The firm, which was founded in 1991, currently manages roughly $115 billion of assets. Starwood Capital Group is the parent company of Starwood Real Estate Income Trust Inc. and Starwood Property Trust.
— Channing Hamilton