Mast Capital and Starwood Capital Group Secure $390 Million Construction Loan for The Perigon Miami Beach
January 23, 2025 by Jacki Taylor
In a monumental achievement for Miami Beach real estate, Mast Capital and Starwood Capital Group have successfully closed a $390 million construction loan for The Perigon Miami Beach. This milestone marks a critical step in the development of this ultra-luxury condominium, set to redefine refined beachfront living.
Construction for The Perigon Miami Beach began in April 2024, with completion anticipated in 2027. This iconic project is a collaboration between Miami-based real estate development group Mast Capital and a controlled affiliate of Starwood Capital Group, a globally renowned private investment firm led by Barry Sternlicht. General contractor Moss Construction is spearheading the project, ensuring the highest standards of craftsmanship and quality.
The Perigon is set to become a landmark of architectural excellence and sophistication, boasting world-class amenities, breathtaking design, and a prestigious beachfront location. With over 75% of residences already sold, it’s clear that this development has captured the market’s attention.
The $390 million construction loan is one of the largest secured in Miami Beach over the past year. Provided by Eldridge Real Estate Credit, a leading investor in real estate credit opportunities, the financing highlights the market confidence in The Perigon’s vision and appeal.
Designed by the internationally acclaimed architectural firm OMA, led by visionary architect Rem Koolhaas, The Perigon will be the first Miami Beach residential project from the firm. The striking diamond-shaped tower will feature 73 two- to four-bedroom residences ranging from 2,100 to 6,700 square feet, all offering sweeping beachfront views. Prices start at just over $10 million.
Renowned interior designer Tara Bernerd has meticulously crafted the residences with the finest finishes, including expansive 10-foot ceilings, 10- to 12-foot-deep wraparound balconies, and direct water views. Residents will also have access to eight private guest suites, adding an exclusive touch to their lifestyle.
The Perigon Miami Beach will offer approximately 40,000 square feet of thoughtfully curated indoor and outdoor amenities. Highlights include:
- A private oceanfront restaurant and speakeasy conceptualized by Michelin-starred chef Shaun Hergatt.
- An oceanfront swimming pool with cabanas, a serene spa with sauna and treatment rooms, and a private salon.
- A fully equipped fitness center with panoramic ocean views, a children’s playroom, and a screening room.
- Additional amenities such as a wine room, double-height lobby lounge, and a dedicated lifestyle concierge and residential butler service.
Residents will also enjoy 24-hour security, valet, house car service, pool and beach service, and in-residence dining, ensuring an unmatched level of luxury and convenience.
Located at 5333 Collins Avenue in Miami Beach’s exclusive Mid-Beach neighborhood, The Perigon is nestled along a tranquil stretch of sand between Indian Creek and the Atlantic Ocean. With expansive beachfront acreage and an emphasis on privacy, this development offers a lifestyle experience that is both rare and highly coveted.
The Perigon Miami Beach represents the pinnacle of modern luxury living. With its world-class design, exclusive amenities, and breathtaking location, this development is poised to become a defining icon in Miami Beach real estate.
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