Mast Capital Lands $390M for Luxe Oceanfront Condo in Miami Beach
By Julia Echikson January 17, 2025 12:47 pm
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Mast Capital and Starwood Capital Group scored a $390 million construction loan for a luxury oceanfront condo development in Miami Beach, the joint venture announced.
The financing from Eldridge Industries’ private credit business will finance The Perigon, a 73-unit development at 5333 Collins Avenue in the Mid-Beach neighborhood. Rem Koolhaas’s OMA designed the 17-story development.
Construction started in April 2024 and is expected to be completed in 2027. So far, 75 percent of units have been pre-sold, with the remaining units starting at $10 million. (A representative for Mast Capital has not yet provided the total dollar amount of condo sales.)
In 2022, Mast Capital bought out a 1964 condo building on the 2.3-acre Collins Avenue site. The 15-story building, called La Costa, had been deemed unsafe following the collapse of Champlain Towers South condo building several blocks north in Surfiside.
The Perigon loan comes about a year after Mast Capital secured another large construction loan for a luxury condo development: $600 million for a Cipriani-branded tower in Miami’s Brickell district.
Despite interest rate hikes, lenders are still willing to provide construction loans for South Florida luxury condo projects, thanks to strong pre-sales.
Recent loans have included $285 million for the Major Food Group-branded project, $424 million for Related Group’s oceanfront condo development, and $527 million for a St. Regis-branded condo tower in Brickell.
Julia Echikson can be reached at jechikson@commercialobserver.com.
