Camilo Miguel Jr.

Almost two decades after Camilo Miguel Jr. founded it, Mast Capital is at the forefront of a defining era in its rapidly evolving hometown of Miami, and around Florida.

In early 2024, Mast Capital secured what was then the state’s largest construction loan ever for a residential tower with $600 million for Cipriani Residences Miami, an 80-story luxury complex in the Brickell neighborhood. Construction has reached the eighth floor since the landmark financing closed, but it’s far from being Mast’s only vertical.

The firm started 2025 in similar fashion with a $390 million loan for a luxury oceanfront condo development in Miami Beach. The project, called The Perigon, is rising 17 stories, with more than 55 units pre-sold and the remaining units starting at $10 million.

“If you do that math, it’s obviously a very exciting time [for Mast Capital],” Miguel said of the past year and a half.

While dominating Miami’s high-end condo game, Mast is also maneuvering in other markets and asset types. In December, Mast and Amzak Capital secured $73 million for the renovation of the 480-acre Saddlebrook Resort in Tampa. That plan includes upgrading existing units and amenities at the golf resort, and adding almost 500 more.

Mast is also particularly active on the luxury apartment side. For example, the firm expects to finish a 175-unit project on Alton Road this year at the end of the second quarter.

“It’s been a very long time since a new market-rate rental has been developed in Miami Beach,” Miguel said. “It’s exciting to have been able to unlock a piece of land to develop into a rental product, where many people are focused on condo development across the beach. … To have an opportunity to build Class A rentals in one of the highest barrier to entry markets in the state is quite exciting.”

Other recent deals closed and milestones reached include completing almost 350 units in a project on the Miami River, selling a 338-unit waterfront complex in North Bay Village for $84 million, and completing a 264-unit project in Palm Springs as well as a 248-unit project in Wesley Chapel.

Miguel said South Florida is well positioned for healthy growth thanks to well-
balanced industry diversification throughout the region and a growing stream of new sources of investment. “[Miami has] moved away from just being a city of hospitality and real estate … and we continue to believe there are some exciting tailwinds across the state of Florida,” he said.