Mast Obtains $390M Construction Loan for Miami Condos

Mast Capital has closed on a $390 million construction loan to build the Perigon Miami Beach, a joint venture with Starwood Capital. Eldridge Real Estate Credit provided the financing for the Perigon. The Perigon is situated at 5333 Collins Avenue in Miami Beach’s Mid-Beach neighborhood.

The Perigon Miami Beach broke ground in April 2024. Spearheaded by general contractor Moss Construction and designed by OMA, the project is slated for delivery in 2027. The diamond-shaped condominium tower will feature 73 two—to four-bedroom residences ranging from 2,100 to 6,700 square feet, with eight private guest suites. They currently start at just over $10 million.

The condominium offers approximately 40,000 square feet of indoor and outdoor amenities, including a private oceanfront restaurant and speakeasy. Additional amenities include an oceanfront swimming pool with cabanas, a spa with sauna and treatment rooms, a private salon, a fitness center, a children’s playroom, a screening room, a wine room, guest suites, and a striking double-height lobby lounge.