The Perigon Miami Beach has achieved a significant milestone, completing its beachfront foundation pour just over a year after its groundbreaking. This development, located at 5333 Collins Avenue, has also secured a substantial $390 million in construction financing from Eldridge Real Estate Credit, signaling strong confidence in its future success.
Financial Foundation Laid
The acquisition of $390 million in construction financing from Eldridge Real Estate Credit is a strong indicator of The Perigon Miami Beach’s predicted success. Securing such loans is notoriously difficult, typically reserved for projects with a high likelihood of completion. Lenders likely considered Mast Capital’s extensive portfolio of successful multifamily, hospitality, condominium, and commercial projects throughout South Florida. Furthermore, The Perigon’s strong pre-construction contracts and deposits, with over 75% of its 73 ultra-luxury residences already sold, provided significant financial assurance.
Key Takeaways
- The Perigon Miami Beach has completed its beachfront foundation pour.
- The project secured $390 million in construction financing from Eldridge Real Estate Credit.
- Over 75% of the 73 ultra-luxury residences are already sold.
- The development is designed by OMA and features interiors by Tara Bernerd & Partners.
- Delivery is anticipated in 2027.
A Solid Physical Foundation
The foundation pour itself was a massive undertaking, requiring 9 continuous hours, 520 cubic yards of concrete, and 60 tons of reinforcing steel. This physical foundation now supports the vision of The Perigon, which aims to redefine "Millionaire’s Row" in Miami Beach.
Unique Value Proposition and Amenities
Designed by starchitect Rem Koolhaas with interiors by Tara Bernerd & Partners, The Perigon embodies "Stealth Wealth" with a focus on privacy and luxury. The development boasts over 20,000 square feet of exclusive amenity space spread across 2 acres of beachfront. Residents will enjoy an oceanfront restaurant by a Michelin-starred chef, a private speakeasy, and a global concierge service. The residences, ranging from 2 to 4 bedrooms and spanning 2,100 to 6,700 square feet, feature minimalist interiors, 10-foot ceilings, and expansive terraces with stunning ocean views. Purchase opportunities remain, with residences starting at $4.5 million, and delivery is expected in 2027.