Catalfumo Cos. Clears $401M for Palm Beach Luxury Condos
The 106-unit development is scheduled for completion this summer.
Catalfumo Cos. has secured a $401 million first-mortgage completion-to-inventory loan for The Ritz-Carlton Residences, Palm Beach Gardens, a luxury condominium project in Palm Beach Gardens, Fla. Berkadia arranged the financing, provided by Northwind Group.
The lender originated the floating-rate loan through its Debt Fund III.
In 2023, The Ritz-Carlton Residence received a $340 million construction loan from Madison Realty Capital, Multi-Housing News reported. Construction began in 2024.
The development comprises 106 residences across three towers being built on a 14-acre site. Floorplans range from 2,875 to 5,120 square feet with three- to five-bedroom layouts., with prices going from $3.8 million to $10 million. Palm Beach Post reported the condos were 50 percent sold as of last December.
The community will have 20,000 square feet of amenities including a restaurant, swimming pool, fitness center, pickleball court and dog park, all operated by The Ritz-Carlton. Also on site is a 29-slip marina. The project is scheduled for completion this summer.
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Spina O’Rourke + Partners led the design of the property, with hospitality services and residential interiors done by Susurrus and The Decorators Unlimited, respectively. Seawood Builders is serving as the general contractor for the development.
Located at 2200 PGA Blvd., The Ritz-Carlton Residences Palm Beach Gardens is proximate to an onramp to the Interstate 95, with the Palm Beach International Airport about 16 miles away.
The Berkadia team representing the developer consisted of Managing Director Scott Wadler, Director Michael Basinski, Senior Managing Director Mitch Sinberg and Managing Directors Matthew Robbins and Brad Williamson.
The Ritz-Carlton condo expansion
The financing comes as the Ritz-Carlton brand continues to expand its condo offerings in South Florida. The project is the only Ritz-Carlton Residences condominium development designated as an Estate Collection property, for its larger “estate-style” homes.
“Demand for luxury branded residences in South Florida remains strong and structurally durable,” Ran Eliasaf, founder & managing partner of Northwind Group, told MHN. “It’s driven by sustained relocation from the Northeast and West Coast, accelerated by Florida’s favorable tax and estate planning environment (as well as) the continued expansion of major financial firms across the region, with a particular recent focus on Palm Beach County.”
Other Ritz-Carlton residential projects in Florida are moving forward with traditional condo formats. In February, MICL Group and Admire Capital unveiled plans for an 83-unit development in Fort Lauderdale Beach.
Also in nearby West Palm Beach, Related Group and BH Group obtained a $200 million construction loan for another Ritz-Carlton Residences-branded community. Madison Realty Capital provided the loan this past March for the 138-unit project, which is more than 70 percent sold.
