Camilo Miguel Jr.

Camilo Miguel Jr. has been one of the most consistent and one of the best capitalized condo power players scoring big on South Florida’s residential boom.

Miguel said 2025 was defined for Mast Capital by advancing its ultra-luxury and residential projects, pointing to the 397-unit Cipriani Residences in Miami’s Brickell and the 73-unit Perigon in Miami Beach. 

Construction on the Cipriani-branded tower has surpassed 62 of 80 floors, and crews anticipate topping out this summer. At the Perigon, construction has started on the 19th floor, and is set to be topped out by the end of the first quarter. Together, the two projects are backed by nearly $1 billion in construction financing, but Miguel said Mast Capital has already made “north of $1.2 billion in residential sales” across the two towers, while keeping both materially ahead of schedule.

Miguel also said the financing environment has quietly improved for sponsors with the right track record, with more capital sources chasing fewer top-tier deals.

“Spreads have tightened significantly,” he said, as lenders that were “sitting on the sidelines are now back in the market and being competitive.”

Mast Capital is also expanding its other residential offerings around the region. Last year, Mast secured a $73 million loan to renovate the 480-acre Saddlebrook Resort in Tampa, with plans to upgrade amenities and add nearly 500 units. The firm also has a rare multifamily opportunity with its 175-unit, Class A multifamily project on Alton Road in Miami Beach. 

“It’s been a very long time since a new
market-rate rental has been developed in Miami Beach,” Miguel said.

Another leg of growth comes from South Florida’s distressed aging condo stock. Mast Capital has extended its track record in condo buyouts (which also helped set up the aforementioned Perigon). For example, last May, Mast Capital and BH Group bought about a dozen units at a three-story building in Miami’s Coconut Grove with plans to redevelop it into a luxury condominium.

While the market is increasingly split between new trophy products and costly legacy buildings, Mast Capital continues to find the next redevelopment angle before everyone else.