$390M Loan Fuels Miami Beach’s Perigon Condo Development: What You Need to Know
Overview of the Perigon Project
Mast Capital and Starwood Capital Group have taken a significant step forward in the development of The Perigon, their luxury oceanfront condominium project in Miami Beach. With a $390 million construction loan secured from Eldridge Real Estate Credit, the 17-story building is set to reshape the city’s upscale housing landscape. The Perigon’s anticipated completion in 2027 comes with substantial presale success, with approximately 75% of the 73 units already sold.
Located at 5333 Collins Avenue, this high-end property stands out for its striking design by Rem Koolhaas’ OMA and interiors by renowned designer Tara Bernerd. Future residents will enjoy exclusive amenities, including a Michelin-starred dining experience crafted by chef Shaun Hergatt.
Key Features and Pricing
The Perigon offers spacious living options, with units ranging from 2,100 to 6,700 square feet and configurations of two to four bedrooms. Prices now begin at over $10 million, reflecting the growing demand and prestige associated with the project. This marks a significant increase from the initial $3 million starting price announced when sales began in 2022.
Notable amenities include:
- 40,000 square feet of luxury facilities
- An on-site restaurant
- A speakeasy bar
- State-of-the-art fitness and wellness areas
Douglas Elliman spearheads sales efforts, ensuring high visibility among affluent buyers seeking prime real estate in South Florida.
The Developers Behind the Vision
Mast Capital
Headquartered in Coconut Grove, Mast Capital, led by CEO Camilo Miguel Jr., has a track record of transformative projects. Notably, Mast completed a buyout of the La Costa condominium building, which previously occupied the Perigon’s site. The firm demolished the old structure to pave the way for its current development.
In addition, Mast Capital is pursuing a similar buyout strategy for the neighboring Amethyst condo building. While some contracts have been finalized, legal disputes have emerged. A recent ruling favored a couple suing Mast over alleged breaches in their sales contract, highlighting ongoing challenges in the acquisition process.
Starwood Capital Group
A powerhouse in global real estate, Starwood Capital brings decades of expertise and resources to this partnership. Their involvement underscores the project’s high-caliber execution.
Financing Trends in South Florida’s Luxury Condo Market
The Perigon’s financing success reflects a broader trend in South Florida’s robust luxury real estate sector. Developers with strong presale performance continue to secure substantial construction loans, despite broader economic challenges.
Recent examples include:
- Villa Miami: Terra and One Thousand Group obtained $285 million for this Edgewater condo tower branded by Major Food Group.
- St. Regis Residences, Miami: Related Group and Integra Investments locked in $527 million for their 50-story, 152-unit development.
- Cipriani Residences: Mast Capital previously closed on $600 million for this Brickell project, with funding led by Banco Inbursa.
These milestones demonstrate the enduring appeal of South Florida’s luxury condo market, driven by domestic and international demand.
Insights
What Makes the Perigon Stand Out Among Miami Beach Condos?
The Perigon combines architectural brilliance by OMA and interiors by Tara Bernerd with an array of high-end amenities. Its oceanfront location and association with globally recognized designers and chefs further elevate its allure.
Why Have Prices Increased Since Sales Launched?
Rising demand and strong presales have pushed prices from $3 million in 2022 to over $10 million today. This trend reflects the project’s premium positioning in the market.
How Does the Legal Dispute at the Amethyst Impact the Perigon?
While Mast Capital faces legal challenges with neighboring acquisitions, these disputes are unlikely to impact the Perigon directly. The project’s financing and presale milestones underscore its viability.
Conclusion
The Perigon’s $390 million construction loan is a testament to the strength of Miami Beach’s luxury real estate market. With cutting-edge design, world-class amenities, and a prime location, the project is poised to set new benchmarks in upscale living. As South Florida continues to attract high-net-worth individuals, developments like the Perigon are redefining the region’s residential landscape.
