M
ast Capital and Starwood Capital Group secured a $390 million construction loan from Eldridge Real Estate Credit for their luxury condo project, The Perigon, in Miami Beach. The joint venture is developing the 17-story, 73-unit building at 5333 Collins Avenue, which is expected to be completed in 2027 and is about 75% presold. Units will range from 2,100 to 6,700 square feet and start at over $10 million, up from a previous starting price of $3 million.

    The Perigon was designed by OMA with interiors by Tara Bernerd and will feature 40,000 square feet of amenities, including a restaurant and speakeasy by Michelin-starred chef Shaun Hergatt. Douglas Elliman is leading condo sales. The project's developer, Mast Capital, has faced controversy over its contracts with owners at the Amethyst condo building next door, where some sellers claim they have been tied up in "legal limbo" due to delayed performance.

    The Perigon's financing comes as South Florida developers continue to secure construction loans for their projects, driven by strong presales. Terra and One Thousand Group recently secured a $285 million loan for Villa Miami, while Related Group and Integra Investments secured a $527 million loan for the St. Regis Residences, Miami. Mast Capital also closed on $600 million in construction financing for its Cipriani Residences project last year.