Madison Realty Capital Provides $340M Loan for Luxury Florida Condos
Rising demand for luxury housing in the North Palm Beach area led to the project’s development.
Privately-owned development firm Catalfumo Companies has secured a $340 million construction loan for The Ritz-Carlton Residences in Palm Beach Gardens, Fla., from Madison Realty Capital.
The Ritz-Carlton Residences will be branded as “The Estate Collection” and will be situated on an expansive 11-acre parcel of land featuring 850 feet of frontage on the Intracoastal Waterway.
Rising demand for luxury housing in the North Palm Beach, Fla., area led to the condominiums’ development. The property will offer 106 homes in three-, four- and five-bedroom floor plans. Prices are expected to range from $4 million to more than $8 million. A pool with cabanas will be included among the project’s luxury amenities.
Situated between Jupiter, Fla., and West Palm Beach, Fla., no part of Palm Beach Gardens is more than 30 minutes from a beach. The Gardens Mall and numerous golf courses are located nearby. Interstate 95 provides access to the Miami area and much of Florida’s Atlantic coast.
Construction is slated to begin in late summer 2023 and be completed in 2025. Douglas Elliman Development Marketing is handling sales. Catalfumo Companies founder Daniel Catalfumo represented his company in direct transactions with Madison Realty Capital. Last month, Affiliated Development and West Palm Beach announced plans to partner in developing The Spruce, a mixed-use development intended to help increase the number of workforce housing units in the town.
Madison Realty Capital recently provided developer Savanna with a $55.1 million loan backing construction of a waterfront condominium tower in West Palm Beach.