Developers behind a luxury condo building in Miami Beach secured a $390 million construction loan from a real estate credit business owned by Todd Boehly’s Eldridge Industries.

A joint venture between a Starwood Capital Group affiliate and Mast Capital secured the financing for the project, called The Perigon Miami Beach, according to a statement. The development, located at 5333 Collins Ave., broke ground in April and is slated to be ready for move-ins in 2027.

The oceanfront tower will have 73 units that range from two- to four-bedrooms. More than 75% of the residences have been sold, the developers said. Prices for remaining units start at more than $10 million.

Owners will have access to roughly 40,000 square feet (3,716 square meters) of amenities, including a swimming pool, spa and private salon.

Mast acquired the project’s site in 2021, spending more than $100 million to take over an existing condo building.

Strong demand for luxury condo projects in Florida has spurred lenders to back new developments. In November, Apollo Global Management Inc. affiliates lent $307 million for a project on Millionaire’s Mile. JPMorgan Chase & Co. and BDT & MSD provided a construction loan for a luxury residential project north of Miami.

“What’s really continued to prove out for us is that people really want quality, in a quality location, like where Perigon sits,” Camilo Miguel Jr., chief executive officer of Mast Capital, said by phone. “That’s continued to drive our success.”

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