Mast Capital and Starwood Capital Group secured construction financing for their oceanfront luxury condo project in Miami Beach.
The joint venture closed on a $390 million loan from Eldridge Real Estate Credit for the Perigon, according to a press release.
Eldridge Real Estate Credit is Cain International’s real estate credit arm that’s merging under billionaire Todd Boehly’s Eldridge Industries. Eldridge also owns the Delano, a beachfront hotel in Miami Beach that is being renovated.
The Perigon, a 17-story, 73-unit building that’s under construction at 5333 Collins Avenue, is expected to be completed in 2027. The tower is about 75 percent presold, according to the release.
Units will range from 2,100 square feet to 6,700 square feet and from two to four bedrooms. Asking prices start at just over $10 million, up from the $3 million starting price when sales launched in 2022. The building was designed by Rem Koolhaas’ OMA with interiors by Tara Bernerd. It will have about 40,000 square feet of amenities, including a restaurant and speakeasy by Michelin-starred chef Shaun Hergatt. Douglas Elliman is leading condo sales.
In 2021, an affiliate of Mast Capital bought out the majority of units at the La Costa condo building that was previously on the Perigon site. It was later demolished.
Coconut Grove-based Mast, led by Camilo Miguel Jr., has contracts with a majority of owners at the Amethyst, the condo building next door, to complete a similar type of buyout. But many of those deals have yet to close, and owners allege the developer has breached its contracts with sellers and tied them up so they can’t sell to anyone else.
A judge recently ruled in favor of a husband and wife who sued Mast Capital over the sale of their condo at the Amethyst. The sellers, who signed a contract with Mast in 2021, claimed they could be “in legal limbo … forever bound by a contract under which the other party had no deadline for its performance.” The lawsuit is ongoing.
Condo construction financing has been plentiful for South Florida developers reporting strong presales. Last month, Terra and One Thousand Group scored a $285 million construction loan for Villa Miami, a planned Major Food Group-branded condo tower in Miami’s Edgewater. In September, Related Group and Integra Investments secured a $527 million construction loan for the 50-story, 152-unit St. Regis Residences, Miami, condo tower. Tyko Capital provided both loans.
And almost a year ago, Mast Capital closed on about $600 million in construction financing for its planned Cipriani Residences condo tower in Miami’s Brickell. A group of lenders led by Banco Inbursa provided the loan.
